JC Data Solutions Shareholders Approve Merger Agreement

Rhea-AI Summary

JC Data Solutions has announced the approval of its merger with a subsidiary of TerraData.ai, with approximately 59% of shareholders voting in favor. This transaction will convert JCDS into a wholly owned subsidiary of TerraData.ai, effective July 6, 2021. Each JCDS share will receive $0.0012 in cash, excluding dissenting shareholders. The decision also included an amendment to JCDS's certificate, necessary for the merger's completion.

Positive

• Shareholder approval of the merger with TerraData.ai signifies strong investor support.
• Transaction allows JCDS to access TerraData.ai's technology and market insights.

Negative

• The merger results in JCDS becoming a private subsidiary, potentially limiting future public investment opportunities.
• Shareholders receive only $0.0012 per share, indicating limited valuation.

DALLAS, June 30, 2021 /PRNewswire/ -- JC Data Solutions, Inc. (OTC: JCDS) today announced that its shareholders have voted to approve the proposed merger with a subsidiary of TerraData.ai.

Approval of the merger required the affirmative vote of holders of a majority of JCDS's outstanding shares entitled to vote. Approximately 59% of the outstanding shares of common stock (including preferred stock on an as converted basis) of JCDS as of the record date were voted at the special meeting. Of the shares that were voted, approximately 59% voted in favor of the merger and less than 1% voted against the merger. JCDS's shareholders also voted to approve the certificate of amendment, which was a condition to closing of the merger.

Upon consummation of the merger, JCDS shareholders (except for JCDS shareholders who have properly exercised rights of dissent and appraisal) will receive $0.0012 in cash for each share of JCDS common stock and JCDS will become a private, wholly owned subsidiary of TerraData.ai. The transaction is expected to close on July 6, 2021.

About JC Data Solutions
JC Data solutions has been a leader in the funds and document distribution industry. Their premier service, Payment Manager, has saved Oil & Gas companies thousands and thousands of dollars - all while improving and streamlining their funds distribution process.

About TerraData.ai
Mineral Answers, Inc. (DBA TerraData.ai) is a technology company focused on aggregating real property information to provide models, insights and highly configurable visualizations, specializing in real property, oil and gas and alternative energy information.

Forward-Looking Statements
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Forward-looking statements are those that use terms such as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan," "predict," "potential," and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.

The Company's forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the outcome of any legal proceedings that may be instituted against the Company related to the Merger Agreement; the inability to complete the transaction due to the failure to obtain the Required Vote or the failure to satisfy other conditions to completion of the transaction, including the receipt of all regulatory approvals related to the transaction; the disruption of management's attention from the Company's ongoing business operations due to the transaction; the effect of the announcement of the transaction on the Company's relationships with its customers, operating results and business generally; the effects of local and national economic, credit and capital market conditions. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The statements made herein are made as of the date of this disclosure and the Company undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.

View original content:https://www.prnewswire.com/news-releases/jc-data-solutions-shareholders-approve-merger-agreement-301323778.html

SOURCE JC Data Solutions

FAQ

What was the approval rate for the JCDS and TerraData.ai merger?

Approximately 59% of JCDS shareholders voted in favor of the merger.

When is the JCDS merger with TerraData.ai expected to close?

The merger is expected to close on July 6, 2021.

What cash value will JCDS shareholders receive from the merger?

JCDS shareholders will receive $0.0012 per share in cash.

What happens to JCDS after the merger with TerraData.ai?

JCDS will become a private, wholly owned subsidiary of TerraData.ai.

What are the implications of the JCDS merger for investors?

The merger may limit public investment opportunities for JCDS as it transitions to a private entity.