Today's News |
AMPD Ventures Signs Letter of Intent to Acquire World-Leading Animation and Virtual Cinematography Studio
Friday, January 6, 2023Company Profile | Follow Company
Vancouver, BC, January 6, 2023--(T-Net)--AMPD Ventures Inc. (CSE: AMPD, OTCQB: AMPDF), today announced that it has signed a non-binding letter of intent ("the LOI") for the acquisition of a full-service studio with world-leading capabilities that range from virtual cinematography to animation services.
Pursuant to the LOI, AMPD will acquire 100% of the equity of the Target. If completed, the acquisition is expected to bring a well-established, profitable industry leader who has consistently delivered several million dollars in annual revenue into the AMPD group expanding the AMPD group's offerings to the market with a range of complementary services.
The acquisition will be funded through long-term low-cost debt and shares.
Anthony Brown, CEO, AMPD Ventures Inc.
Anthony Brown, CEO of AMPD comments, "We are excited about this potential transaction and adding additional world leading talent to the AMPD family as we continue to execute our business plan. Acquiring an established, profitable company that has numerous synergies with AMPD also creates a new opportunity for increased revenue and earnings growth."
The acquisition is being supported by a major Canadian banking institution. Completion of the acquisition is subject to the completion of due diligence by the relevant parties, the execution of the definitive transaction agreements, and other customary closing conditions, including any regulatory approvals. There can be no assurance that a definitive agreement will be entered into or that the proposed acquisition will be consummated.
About AMPD Ventures Inc.
AMPD Ventures Inc. is building the world's best suite of tools and technologies for digital content creation and distribution. Through its operating subsidiaries, AMPD Technologies Inc. and Departure Lounge Inc., AMPD is advancing the way that digital content is created and consumed.
By combining the power of a high-performance-edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet.
The team at AMPD has been leading technological developments within the games and digital media industries for nearly twenty years. AMPD was listed as a public company in 2019. Additional information about the company is available on SEDAR and on our website at http://www.ampd.tech.
Forward Looking Statements This news release contains statements and information that constitute "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of our management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances and at the date that such statements are made, but which may prove to be incorrect. Forward looking information in this news release includes statements about management's intended use of the proceeds of the Private Placement, and management's ability to complete the Acquisition, and management's plans to accelerate the rollout of AMPD's High-Performance Edge computing environments around the world, and any other statements that are not statements of historical fact. [ MORE ] |
Other Recent Company News |
|||||||||||||||||||
|