NEW YORK--(BUSINESS WIRE)--GetSwift Technologies Limited (NEO: GSW) (“GetSwift” or the “Company”), a leading provider of last mile SaaS logistics technology, is pleased to announce today that the Company and its wholly-owned subsidiary GetSwift Limited have entered into a Heads of Agreement (the “HOA”) with law firm Phi Finney McDonald and Therium Capital Management (Australia) Pty Ltd. and Mr. Raffaele Webb (the “Applicant”) that sets out the proposed terms of a settlement of the claims made by and on behalf of the Applicant against GetSwift Limited and Mr. Joel Macdonald, a director and the President of GetSwift, in connection with the previously disclosed class action proceedings before the Federal Court of Australia (the “Court”).
The HOA is non-binding on the parties thereto, except for certain limited provisions, and the final settlement is conditional on, among other things, the parties to the HOA entering into a mutually acceptable binding deed of settlement (the “Deed”) and the Court approving the terms of the settlement. The parties to the HOA have agreed to use best endeavours to enter into the Deed on or before July 23, 2021. However, failure of the parties to enter into the Deed by such date will not have the effect of terminating the HOA. There can be no certainty or assurance that the proposed settlement will become effective until the Deed is entered into and approved by the Court. The terms of the proposed settlement remain confidential under the HOA pending the execution of the Deed and approval of the Court.
GetSwift’s Board of Directors, including each independent director, believe the terms of the proposed settlement under the HOA are in the best interests of the Company and its shareholders. The HOA contains no admission of liability or wrongdoing by GetSwift Limited or Mr. Macdonald and neither GetSwift Limited nor Mr. Macdonald or any of its executives acknowledges any liability or wrongdoing by entering into the HOA.
GetSwift expects that the HOA and the final settlement will enable the company and its current management to focus on growth, innovation, product launches, and market capture. The terms of the proposed settlement are expected to eliminate uncertainty and expense associated with this litigation matter and ideally realize an appropriate market capitalization for the Company, enabling it to use resources that would otherwise have been devoted to litigation for continued expansion, benefitting all stakeholders including shareholders, clients, partners, the class and employees.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Corporation, to the future outlook of the Corporation and anticipated events or results and may include statements regarding the future financial performance of the Corporation. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking Statements in this press release include statements related to the process of obtaining Court approval of the terms of the Settlement, the likelihood of entering into the Deed on terms acceptable to the parties, and the impact of the proposed settlement on the Corporation. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, without limitation, the availability of the Court to approve the terms of the settlement, the determination by the Court or any party to the HOA that the terms of the settlement are not acceptable, the ability of the Corporation to negotiate the final terms of the settlement with the parties to the HOA, and certain other risk factors set forth in the Prospectus under the heading "Risk Factors". The Corporation undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Corporation to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
About GetSwift Technologies Limited
Technology to Optimize Global Delivery Logistics
GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”.
For further background, please visit www.getswift.co.
