NEW YORK--(BUSINESS WIRE)--GetSwift Technologies Limited ("GetSwift" or the "Corporation"; NEO: "GSW"), a leading provider of last mile SaaS logistics technology and services, has agreed to sell its 60% ownership stake in Logo d.o.o. ('Logo'), an Information and communications technology firm, a move that will remove significant risk to the firm, improve short-term cash flow and allow GetSwift to focus on its core business.
The consideration consists of the forgiveness of debt obligations in the form of outstanding payments to Logo of EUR 3.75 million in share capital contributions and performance earn outs currently owed to Logo by GetSwift. Additionally, GetSwift will receive a cash payment of EUR 300,000.
GetSwift will also retain a call option to buy a 49% stake in Logo for EUR 3.75 million. That option expires on December 31, 2022.
"We have enjoyed our relationship with Logo but we are looking forward to directing 100% of our attention to the improvement and growth of our SaaS division," said Joel Macdonald, Interim CEO and Co-Founder of GetSwift.
GetSwift originally purchased the stake in Logo in 2020. The two companies offer complementary services, currently serving some common clients and partners that include multinational firms operating across diverse industries.
Logo was founded in 1990, and has built a track record of leading technical services to a range of enterprise and government clients. Logo’s specialties include network and communication systems, data centers, telecommunications infrastructure, Infosec and infrastructure safety systems, along with building automation systems.
About GetSwift Technologies Limited
Technology to Optimise 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".
Additional information regarding the Corporation is provided in the Corporation’s annual information form for the year ended June 30, 2021, which is available under the Corporation’s profile on SEDAR at www.sedar.com.
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 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. 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.
