17:19:09 EDT Sun 19 May 2024
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Perk Labs Inc
Symbol PERK
Shares Issued 203,616,299
Close 2022-12-19 C$ 0.015
Market Cap C$ 3,054,244
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Perk Labs signs LOI to merge with GetIt Technologies

2022-12-19 10:11 ET - News Release

Mr. Jonathan Hoyles reports

PERK LABS ANNOUNCES LETTER OF INTENT

Perk Labs Inc. has signed a non-binding letter of intent to combine with GetIt Technologies Inc.

About GetIt Technologies

Co-founded by Ryan Hardy and Ben Lacroix, GetIt Technologies is a mobile application technology company that specializes in mobile marketplaces to support small to medium-sized businesses. Its platform, GetIt Local, supports hundreds of businesses in Ottawa and Calgary for pickup and delivery technology.

The transaction

Upon completion of the proposed transaction, the combined entity will be a leading digital technology provider of delivery and digital ordering solutions with presence in four major Canadian cities. The intent is to build an integrated organization that provides intelligent digital solutions for small to medium-sized businesses across Canada and abroad. Under the terms of the letter of intent:

  • Perk will acquire 100 per cent of the outstanding shares of GetIt pursuant to a share exchange with the shareholders of GetIt.
  • Perk will change its name and rebrand as GetIt Local.
  • Ryan Hardy, the chief executive officer of GetIt, will be appointed as chief executive officer, president or another position of senior management; and Jonathan Hoyles will remain with the company as in-house legal counsel or another position of senior management.

Each party is conducting its respective due diligence and the contemplated transaction remains subject to approval by the board of directors of each party, stock exchange and regulatory approval. Subject to the completion of each company's due diligence to its sole satisfaction, the parties will negotiate and proceed to enter into a definitive agreement outlining the terms and structure of the transaction. The final transaction structure will be determined after each party has had the opportunity to receive legal, accounting and tax advice.

Strategic rationale for the combination -- building value with immediate accretive acquisition revenue growth

"The combination with GetIt marks the first step in our new corporate strategy of scaling up our business to become a national leader through both organic growth and tactical acquisition. GetIt has built an impressive brand with strong sales and marketing and is experiencing rapid growth in their markets," said Perk chief executive officer Jonathan Hoyles. "We're excited to work together to combine their proprietary delivery technology platform with Perk's industry-leading digital dine-in and white-label mobile app platform. For Perk and our shareholders, this merger is value enhancing and represents a significant step in Perk's strategic and financial growth plans."

"We at GetIt are excited about this strategic combination. Perk has an impressive operating history, and, together, we will have accomplished a national footprint, an expanded technology offering, and built the value creation foundation for our users, customers, business partners and shareholders," said Mr. Hardy. "Personally, I look forward to our team rationalizing this highly fragmented sector and delivering products and services that will benefit users and businesses alike in so many ways."

Patrick Power advising on merger

Patrick Power, chairman and president of James Edward Capital Corp., an Ottawa-based boutique investment bank focused on emerging growth companies, is advising the parties on the merger. Mr. Power has significant experience with strategic initiatives, finance and governance, having previously served in senior executive roles for several Toronto Stock Exchange/TSX Venture Exchange listed technology companies. The company looks forward to drawing on his expertise as it moves to the next stage of growth with a focus on establishing financing for its acquisition strategy.

About Perk Labs Inc.

Perk Labs is the owner of Perk Hero, the digital franchise company helping businesses transition to the digital economy. Perk Hero provides restaurateurs with friendly and reliable digital ordering, payment and loyalty tools to help them survive and thrive in a difficult economic environment. Perk Hero is growing through a unique community-driven digital franchise business that is available to entrepreneurs at an attractive start-up price.

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