ELLIPSIZ COMMUNICATIONS ANNOUNCES FIRST INITIATIVE IN ITS NORTH AMERICAN GROWTH STRATEGY VIA ACQUISITION OF OPEN DECISIONS INC.
TORONTO, ONTARIO – JUNE 18, 2018 – Ellipsiz Communications Ltd. (formerly NXA
Inc.) (TSXV: ECT) (the “Company” or “ECL”) announced today that it has entered into an
agreement to acquire all of the issued and outstanding shares of Open Decisions Inc. (“Open
Decisions”) for total consideration of $848,000. Open Decisions is a corporation based in Markham,
Ontario, with demonstrated expertise and a track record in providing IT products to customers in
North America since 2009, including products in the telecommunications field. The Company will
pay $398,000 in cash and issue 9,000,000 common shares of Ellipsiz at a price of $0.05 per share.
The securities issued pursuant to this acquisition are subject to a four month hold period. The
transaction is anticipated to close by June 30, 2018 subject to obtaining final approval from the
board of directors.
Sam Tan, CEO and Chairman of Ellipsiz, said, “This acquisition is a significant strategic
advancement for the Company. Ellipsiz’s’s subsidiary in Taiwan and Open Decisions have
similarities and complementary strengths in their businesses that will promote increased operating
efficiencies and produce significant synergies. Most importantly, the geographical coverage of the
Company’s services will be immediately and dramatically expanded to cover North America through
leveraging the resources and relationships of Open Decisions. This is the first step in our ongoing
North American expansion and we look forward to making further new announcements soon.”
Mr. Benjamin Liang, currently CEO of Open Decisions, and part of the current team at Open
Decisions, will continue their services and will work as part of the Company’s team to develop and
execute strategies formulated by the Company.
The acquisition and arrangement with Mr. Benjamin Liang is subject to acceptance by the TSX
The Company also wishes to announce that Mr. Greg Wade has agreed to join ECL’s advisory
board. Mr. Wade has over 28 years of experience as a technology executive and Chief Digital
Officer. He was the Vice President- Enterprise Business of Samsung Electronics and Senior VicePresident
& Regional Managing Director – Asia Pacific of BlackBerry. The Company anticipates
that Mr. Wade will be able to provide strategic advice for the development of its business.
Finally, the Company wishes to announced that it has terminated its previously announced (see Press
Release dated March 1, 2018) financing.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the
Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Eric Chan, CFO
T: 416 977-3223
Andreas Curkovic, Proconsul Capital