Voxtur Analytics Closes Acquisition of RealWealth Technologies
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has completed the acquisition of RealWealth Technologies LLC, now rebranded as VoxturWealth. The total consideration for this acquisition was approximately $4.2 million, paid in common shares, with milestones linked to EBITDA targets. VoxturWealth aims to enhance real estate investment transparency through innovative tech and data-driven tools. This acquisition represents a strategic step towards Voxtur's goal of becoming a full-service real estate technology provider, pending final approval from the TSX Venture Exchange.
- Acquisition of RealWealth enhances Voxtur's service offerings and market position.
- RealWealth's platform promotes data-driven decision-making for real estate investors.
- Strategic rebranding to VoxturWealth aligns with company transition to full-service tech provider.
- Acquisition involves issuance of 5 million common shares, which may dilute existing shareholder value.
TORONTO and TAMPA, Fla. , Oct. 14, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that, further to the news release issued on September 28, 2021, it has completed the acquisition (“Acquisition”) of RealWealth Technologies LLC (“RealWealth”). With the Acquisition now complete, RealWealth will be repositioned as VoxturWealth.
RealWealth has developed a proprietary, investor-centric digital platform intended to change consumer behavior through the democratization of data, content, tools, and fiduciary support. From management of home service contracts and vendors to the prevention of financial elder abuse through an encrypted asset documentation repository, each aspect of the client’s real estate investment will be transparent and verified. At every step, homeowners and their trusted advisors will be empowered by data driven tools to make better, more confident real estate decisions.
Total consideration for the Acquisition consisted of five million common shares in the capital of Voxtur (each, a "Common Share") with an aggregate value of approximately
RealWealth was founded by Ross McCredie, founder of Sotheby’s International Realty Canada, and architect of the sale of Pacific Union to Compass, forming the largest independent real estate brokerage in the United States.
In concert with the experience and innovative technologies of other Voxtur companies like ANOW and Voxtur Valuation, VoxturWealth will empower real estate owners and their fiduciaries with unprecedented transparency and verified data to make better decisions.
“We see VoxturWealth becoming an invaluable industry resource. This acquisition and our work together are important benchmarks for our transition into a full-service real estate technology company,” said Voxtur CEO Jim Albertelli.
The Acquisition constituted an “Expedited Acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final approval by the TSX Venture Exchange. All references to currency in this release are reference to Canadian dollars.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation, and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: final approval of the Acquisition by the TSX Venture Exchange; the repositioning of RealWealth following the completion of the Acquisition; expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Investment Officer
jordan@voxtur.com
Bill Mitoulas
Investor Relations
info@voxtur.com
Tel: 416.479.9547
FAQ
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