Aluf Holdings, Inc. Terminates Agreement To Acquire ITBiometrics, Inc.
Aluf Holdings, Inc. (AHIX) announced the termination of its Common Stock and Asset Purchase Agreement to acquire ITBiometrics, Inc., initially agreed upon in December 2021. Despite collaborative efforts over the past 10 months, key closing conditions were not met, prompting the decision to cease pursuing the transaction. CEO Sam Jakobs reaffirmed the company's commitment to expanding its technology platform through future acquisitions, particularly in the biometric sector.
- None.
- Termination of the acquisition agreement with ITBiometrics may impact growth opportunities.
- Failure to meet material closing conditions raises concerns about future deal negotiations.
FT. LAUDERDALE, Fla., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. ("AHIX") ("the Company") (OTC PINK: AHIX) announced today that it has terminated the Common Stock and Asset Purchase Agreement (the “Purchase Agreement”) by which it had agreed during December 2021 to acquire ITBiometrics, Inc.
Closing under the Purchase Agreement had been subject to a number of conditions and although the parties have worked collaboratively over the past 10 months, certain material closing conditions under the Purchase Agreement have not been met as required. Accordingly, we have determined that it is in the best interest of Aluf Holdings and our shareholders to cease pursuing the transaction.
“Although we have terminated the Purchase Agreement with ITBiometrics, we remain fully committed to the expansion of our technology platform through the acquisition of suitable businesses, including those within the biometric space”, states Sam Jakobs, CEO for Aluf Holdings.
About Aluf Holdings, Inc.:
Aluf Holdings, Inc. is a publicly traded holding company whose core competency is to acquire, manage and propel "Next Gen" technology companies into the future. Our focus includes Biometrics, Cybersecurity, Computer Vision, and Software/Hardware verticals.
For more information go to www.aluf.com.
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Corporate Contact:
Aluf Holdings, Inc.
Teresa McWilliams
Chief Financial Officer
866-793-1110
FAQ
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