TORONTO, Aug. 30, 2024 /CNW/ – Genifi Inc. (formerly Prodigy Ventures Inc.) (TSXV: GNFI) (“genifi” or the “Company”) today announced the receipt of final amounts owing in connection with the sale of TCB Corporation (“TCB”).
Genifi had previously announced (see press release dated January 18, 2023) that it had completed the disposition (the “Transaction”) of all of the issued and outstanding shares of TCB, which was the Company’s wholly-owned subsidiary, doing business as Prodigy Labs.
Pursuant to the terms of the Transaction, Prodigy was entitled to receive cash consideration of up to $12.5 million, $8.5 million of which was paid on closing and up to a maximum of $4 million of which was payable upon achieving certain EBITDA and revenue targets and which were due within sixty (60) days following the expiry of the earn-out period ending on June 30, 2024. In addition, Prodigy was entitled to a payment in respect of TCB’s working capital on closing which was approximately $600,000. On August 30, 2024, the Company received the final earn-out payment totaling $1.2 million (before tax). As a result, no further amounts are expected and the Transaction is now complete.
About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. The forward-looking information is based on certain assumptions, which could change materially in the future. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi’s Management’s Discussion and Analysis for the three and six months ended June 30, 2024, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE genifi inc.
