Ellipsiz Communications Announces Completion of Acquisition of Open Decisions Inc.
TORONTO, ON / ACCESSWIRE / MAY 14, 2019 / Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSXV: ECT) (the 'Company' or 'ECL') is pleased to announce that further to its press release dated June 18, 2018 it has completed the acquisition of 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 paid $100,000 in closing and will make an additional $298,000 in cash payments in three installments over the next 18 months each of which installment is secured against 12.5% of the shares of Open Decisions being acquired. The Company has also issued 9,000,000 common shares priced at $0.05 per share. These shares are legended and restricted from trading until September 14, 2019. No finder's fee was paid in respect of this transaction and was not a related party transaction.
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For further information contact:
Eric Chan, CFO T: 416 977-3223