10:51:56 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Marble Financial Inc
Symbol MRBL
Shares Issued 93,595,153
Close 2022-10-17 C$ 0.09
Market Cap C$ 8,423,564
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Marble Financial closes acquisition of Autocarz assets

2022-10-18 15:31 ET - News Release

Mr. Karim Nanji reports

MARBLE FINANCIAL CLOSES ACQUISITION OF EBUNCH DATA & DEVELOPMENT LTD. ASSETS

Further to the news release of Sept. 7, 2022, Marble Financial Inc. has closed the acquisition of the certain assets comprising the Autocarz technology of eBunch Data & Development Ltd., an innovative Canadian digital marketing firm that specializes in generating more qualified leads per dollar spent for retailers. eBunch is a subsidiary of Foundation Automotive Corp.

Under the terms of the definitive agreement, Accumulate.AI Software Ltd. (the "Purchaser"), a wholly owned subsidiary of Marble, acquired the Autocarz technology assets relating to the Vendor's inventory management system for auto dealerships and related assets (the "Autocarz Business") from the Vendor for consideration of up to CDN$550,000 (the "Purchase Price"). The Purchase Price payable by the Purchaser is comprised of: (i) a cash payment of $125,000 paid by the Purchaser on closing, and (ii) an earn-out of up to $425,000 (the "Earn-Out") equal to 33-1/3% of the net income of the acquired Vendor's business realized during the eight successive quarterly financial reporting periods following the closing date (each, a "Financial Quarter").

The Earn-Out, if any, will be payable in the form of common shares of Marble issued from treasury, calculated based on the volume weighted average closing trading price (VWAP) of Marble common shares on the Canadian Stock Exchange for the five prior trading days ending three trading days prior to the end of each financial quarter. The Vendor's right to the Earn-Out shall cease and be of no further effect if the net income of the Vendor's business is negative for two successive financial quarters during the Earn-Out period or if the Earn-Out amount paid by the Purchaser has reached the maximum amount payable, being $425,000 and in any event, will terminate following the final calculation period ending on June 30, 2023.

Any shares that will be issued in satisfaction of the Earn-Out will be subject to a hold period under Canadian securities, expiring four months and one day following the date of issuance.

eBunch is a digital marketing technology company that generates more highly qualified leads for multiple industries across Canada. The company has developed proprietary IP and AI driven technology to help internal teams reach their ideal customer base. This is achieved using targeted advertising campaigns across multi-channel platforms, which have been most successful within the automotive industry, where eBunch's expertise lies in combining creative concepts and high-grade strategy.

Accumulate.AI, a new subsidiary of Marble, will offer businesses across Canada a full-scale revenue-generating eco-system to optimize their marketing budgets. This will be achieved by combining the Autocarz Business' online lead generation technology and their team, with MyMarble's financial wellness engagement platform and Inverite's open banking income verification service. Accumulate.AI will provide Marble with a new revenue stream by delivering high-quality cost-per-lead programs for partners, while utilizing Marble's technology to automatically nurture unqualified prospects to become qualified consumers who are more likely to purchase in the future.

"We are excited to announce our acquisition of the Autocarz Business to create our new landmark solution, Accumulate.ai. This transaction empowers Marble with the ability to enter new markets while also providing existing partners an opportunity to optimize their marketing spend towards higher ROI. Coupled with Marble's proprietary financial wellness technology platform, we will not only be able to help our partners acquire new customers but also, partners will be able to re-acquire customers that they were not able to monetize previously," says Karim Nanji, CEO of Marble. "The addition of the services provided by the Autocarz Business to Marble's existing capabilities is transformational for both the company and the industry. It provides a platform for growth in industries like mortgages and automotive and complements other areas of the financial services ecosystem in which Marble already participates. With Accumulate.ai, Marble solutions will optimize marketing ROI for our partners, increase volume and propensity for customers to transact with our partners and enhance engagement and loyalty for our partners."

"The future is bright for lending and automotive industry professionals who are embracing fintech innovations like Accumulate.AI.," says Rich Elliott, Head of Marketing at Marble. "COVID-19 and recent economic events have increased digital engagement, which will only grow with time as technology like ours becomes more advanced. We're excited because Accumulate.AI offers our partners the opportunity to pull ahead of their competition by improving customers' digital experiences through artificial intelligence while sticking to our mission of nourishing the confidence people need to redefine their finances more broadly."

The Company has also granted an aggregate of two million stock options under the Company's stock option plan. One million granted to independent directors have a term of five years and vest in equal one-quarter amounts on the date of grant and each of the first year, second year and third year anniversaries from the date of grant. The balance of one million stock options has been granted to the CEO with a term of five years and vest as follows: Commencing October 01, 2022, and on a go forward basis until December 31st, 2023, for each $100,000 in positive EBITDA growth compared to the previous financial quarter, 200,000 stock options granted will vest. The stock options are issued at $0.10 per share.

About Accumulate.AI Software Limited

Accumulate.AI is a marketing technology company specializing in high-quality lead generation and nurturing, utilizing the power of machine learning to generate qualified consumers while rehabilitating unqualified leads into approved ones. With this innovative approach, we ensure that your business will see increased sales volume with more potential clients coming through its doors faster than ever.

About Marble Financial Inc. (CSE: MRBL) (OTCQB: MRBLF) (FSE: 2V0):

Marble's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the MyMarble Platform and through Inverite.

We seek Safe Harbor.

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