CORRECTION FROM SOURCE: Xcyte Digital Corp. Completes Purchase of Former Streamlined Communications LLC. Assets
Summary
This strategic Transaction represents a significant step forward for Xcyte to enhance its market and technology footprint globally.Xcyte was provided Streamlineds financials for the Trailing Twelve Months (TTM) ended August 31st 2024 by the Seller. Based on our analysis of the assets being purchased, we concluded upon reviewing existing contracts, bank statements, third party accounting company prepared documents, and giving effect to contracts that had no contractual guarantees and no definitive assignment language, that the amount of revenue and EBITDA realized by Xycte may be different than Streamlineds reported results.The total Transaction consideration of US$3.56 million for SLC assets is comprised of 1) US$3 million in cash, which was funded by existing Xcyte shareholders in two tranches. Our clients will gain access to a state of the art, cloud-based system offering a robust set of features, including: None efficient booking even during peak periods with blackout dates None integration with popular web conferencing tools such as Zoom and Webex None API support for easy connection to other reservation systemsThis transaction also positions Xcyte for substantial growth in international markets by deepening our presence in North America, the U.K, Singapore and Australia", Mr. Selman added.Xcyte Digital (TSXV:XCYT) is a trusted global events technology company, specializing in next-generation applications for physical, hybrid, virtual, immersive, and phone-based events. Forward looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by management as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements and future events to be materially different from those expressed or implied by such forward-looking information, including that the former Streamlined Communications assets may not perform or generate revenue at the levels experienced historically; that there may be obstacles to absorbing the former Streamlined Communications assets into Xcytes broader business; that the synergies anticipated by the former Streamlined Communications assets acquisition may not materialize to the extent expected or at all; and other factors that apply to the Companys business generally as described in greater detail in the documents filed under the Companys profile at www.sedarplus.ca. Investors are cautioned that undue reliance should not be placed on any such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.