Cybernetic Technologies Ltd (HPIL), announces it has Signed a Letter of Intent to Acquire "CRANK VIRTUAL"

Rhea-AI Summary

Cybernetic Technologies (OTC: HPIL) announced on May 18, 2021, its intention to acquire 100% of Crank Virtual, a division of Crank Media Inc. This acquisition aims to enhance the Company's product offerings and market reach. The Letter of Intent indicates a strategic move to expand business capabilities in the virtual space. This acquisition is a significant step for Cybernetic Technologies, which is looking to capitalize on emerging opportunities in the technology sector.

Positive

• Acquisition of Crank Virtual enhances product offerings.
• Strategic move expected to expand market reach.

Negative

• Potential integration challenges post-acquisition.
• Subject to risks related to market conditions.

VANCOUVER, BC, May 18, 2021 /PRNewswire/ -- Cybernetic Technologies (the "Company") (OTC: HPIL) announces that it has entered in to a Letter of Intent to acquire 100% of Crank Virtual a division of Crank Media Inc. https://www.crankvirtual.ca.

Safe Harbor: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filing.

For more information:
Cybernetic Technologies Ltd
1720 650 West Georgia St
Vancouver, BC V6B 4N8
Contact: Stephen Brown, CEO
www.cybernetictech.ca
info@cybernetictech.ca
Ph: +1 (778) 819-1956

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SOURCE Cybernetic Technologies

FAQ

What is the purpose of Cybernetic Technologies' acquisition of Crank Virtual?

The acquisition aims to enhance Cybernetic Technologies' product offerings and expand its market reach.

What are the financial implications of the acquisition of Crank Virtual for HPIL?

While specifics on financial metrics weren't disclosed, the acquisition may involve risks related to market conditions and integration challenges.

When was the acquisition of Crank Virtual announced?

The acquisition was announced on May 18, 2021.

What are the expected benefits of acquiring Crank Virtual for HPIL investors?

Investors may benefit from enhanced product capabilities and potential revenue growth from increased market presence.

What are the risks associated with Cybernetic Technologies' acquisition plans?

Risks include market conditions, competitive factors, and the ability to successfully integrate Crank Virtual into the existing business.