Integrated Ventures Signs Letter of Intent to Acquire Service Provider To The Data Center Market With Unaudited 2019 Revenues Of $1.8 Million
Integrated Ventures Inc (OTCQB: INTV) announced the execution of a Non-Binding Letter of Intent (LOI) to acquire a technology service provider and its subsidiary in Indianapolis for $200,000. The deal includes a cash payment of $120,000 and $80,000 in 12 monthly installments. The target company generated unaudited revenues of $1.8 million in 2019 and $750,000 in the first half of 2020. With over 50 active corporate clients and experience in various sectors, the acquisition aims to enhance Integrated Ventures' cryptocurrency operations and capitalize on growing data center demands.
- Strategic acquisition of a service provider with $1.8 million in 2019 revenue boosts Integrated Ventures' market presence.
- Acquisition aligns with growing demand for data hosting and cryptocurrency mining operations.
- Possibility of accelerated revenue growth and shareholder value increase through integration and expansion.
- The acquisition is contingent on due diligence and other conditions, which may delay completion.
- The all-cash transaction may strain liquidity given the current economic environment.
PHILADELPHIA, Aug. 24, 2020 /PRNewswire/ -- Integrated Ventures Inc (OTCQB: INTV) ("Buyer") is pleased to disclose the execution of a Non-Binding Letter of Intent ("LOI") to acquire assets of a privately-held, technology service provider ("Company") and its wholly owned subsidiary, located in Indianapolis, Indiana.
The proposed all-cash transaction is conditional on the completion of standard due diligence, execution of employment agreements with key employees, and other conditions typical for transactions of this nature.
Under terms of executed LOI, the total consideration for the acquisition is
As of fiscal year-end, December 31, 2019, the Company had generated unaudited revenues of
The list of assets to be purchased consist of all the its brand(s) and trademarks, all websites and domain-names, all its phone numbers and e-mail addresses, all existing & pending contracts, all its work-in-process, current and pending purchase-orders, project pipeline, proposals, licenses & permits. Employees, all its client & supplier lists, and all the intangible & goodwill assets owned by the Company.
The Company has over (1) 50 active corporate clients, including Eli Lilly, Purdue University, Indiana University and major local hospitals, (2) operations in Indiana, Ohio, Michigan and Kentucky and (3) an extensive experience, servicing many business sectors, including healthcare, utilities, government, financial and telecommunications.
Support services and products for data center market include: (1) rack power installation and distribution (60 amp c13/c14 power monitoring and switching pdus), (2) data center containment solutions (hot and cold isles), (3) access flooring (increases air flow), (4) server and network rack cabinets and (5) testing and assembly stations.
Company's wholly owned subsidiary is focused on ergonomic and technical furniture for corporate offices, plants and labs.
Steve Rubakh, CEO of Integrated Ventures, Inc, adds the following commentary: "Today's announcement is our official launch of the previously disclosed roll-up business plan. Due to increasing demand for data hosting, including due to the current pandemic environment, integration and connectivity, reliable data centers operations are critical for present and future corporate infrastructures. In addition, Company's data center expertise is a perfect strategic and complimentary fit with Integrated Venture's cryptocurrency mining operations. We believe that there is a compelling opportunity for nationwide integration of such niche companies, that offer value-added services. We intend to pursue value-priced, revenue generating acquisitions with focus on accelerated revenue growth and increasing shareholder's value."
About Integrated Ventures Inc: The Company operates as a Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit the company's website at www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
Contact:
(215) 613-1111
sr@emsfindapp.com
View original content:http://www.prnewswire.com/news-releases/integrated-ventures-signs-letter-of-intent-to-acquire-service-provider-to-the-data-center-market-with-unaudited-2019-revenues-of-1-8-million-301117051.html
SOURCE Integrated Ventures Inc.
FAQ
What is the purpose of Integrated Ventures' acquisition announced on August 24, 2020?
What are the terms of the acquisition for Integrated Ventures (INTV)?
What were the revenues of the company being acquired by Integrated Ventures?
How does the acquisition impact Integrated Ventures' future growth?
What are the conditions for the acquisition of the technology service provider by INTV?
