Appeal Period Satisfied for Winning Brands Acquisition of GestureTek Systems Assets
Winning Brands Corporation announced the successful completion of the appeal period for its acquisition of GestureTek Systems Inc assets, which ended on May 31, 2022, with no objections filed. A Receiver's Certificate will soon finalize the transaction, allowing GestureTek products to contribute to Winning Brands' financial results starting Q3 2022. GestureTek is known for its innovative touchless gesture control technology with a broad commercial client base. Winning Brands is set to integrate GestureTek into its operations while maintaining the brand's identity.
- Acquisition of GestureTek's assets will enhance Winning Brands' technology offerings.
- GestureTek's products expected to contribute to revenue in Q3 2022.
- Strong brand recognition of GestureTek in the gesture control market.
- None.
No Objections Filed to GestureTek Brand Rights and Assets Going to Winning Brands Corporation
NEW YORK, NY / ACCESSWIRE / May 31, 2022 / Winning Brands Corporation (OTC PINK:WNBD) www.WinningBrands.com received more good news in its acquisition of the assets and immersive gesture control business operated as GestureTek. The 10-day appeal period allowed by the Ontario Superior Court of Justice, following its granting of an order on May 19th to approve the acquisition by Winning Brands of GestureTek Systems Inc assets and other rights, has been satisfied without objection from 3rd parties. These assets and rights became available in the matter of the earlier bankruptcy and trusteeship of GestureTek Systems Inc of Toronto. With the satisfaction of the appeal period, a court appointed receiver is now authorized to perform final administrative tasks to deliver to Winning Brands Corporation a Receiver's Certificate, after which the transaction will be declared closed. These final tasks are targeted for completion in June 2022. This timing will permit sales of GestureTek products and services to be reflected in Winning Brands public filings for the reporting period starting Q3 2022.
GestureTek's technology has for many years been at the leading edge of innovation in touchless immersive gesture control of a wide array of computer display systems across diverse industries. The GestureTek brand is well known and respected in the gesture control market, and enjoys a large commercial customer base worldwide. A brief overview of GestureTek's award-winning history in medical and other sectors can be seen here: www.GestureTekHealth.com. Abundant video resources are also available here: https://vimeo.com/GestureTek
Winning Brands CEO, Eric Lehner, comments, "June will be a busy month to coordinate GestureTek operations into our future reporting. Clients of GestureTek's technology will be increasingly exposed to Winning Brands group branding during this period as the operational identity of the two organizations are given common purpose, publicly. GestureTek will retain all of its identity and culture, both in terms of legacy and operations, but GestureTek customers will know going forward that GestureTek has become a part of the Winning Brands organization."
Winning Brands discusses its business in its various public information platforms in order to ensure that shareholders understand the company's business model, its activities, its challenges and its opportunities. Such discussions include a CEO weblog maintained for Winning Brands shareholders at www.WinningBrandsCorporation.com/blog. It is a journal of the company's mission, providing answers to shareholder questions. The weblog is a source of public information pertaining to Winning Brands, pursuant to SEC Fair Disclosure guidelines, together with all other forms of social media. For the same purpose, the company also maintains a Twitter presence: www.Twitter.com/WinningCEO.
ABOUT WINNING BRANDS CORPORATION
Winning Brands has been a manufacturer of record of a variety of environmentally oriented consumer products. Winning Brands indicated in its public communications that it seeks to enhance shareholder value by curating additional business ventures with broader scope, including the launch of a Tech Division. This Tech Division will be the new headquarters for GestureTek brand planning, in cooperation with the many people who have an interest in the GestureTek presence and growth in the industry.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
CONTACT:
Eric Lehner
Winning Brands
+1 705-737-4062 ext. 8
eric@winningbrands.ca
Visit us on social media:
Facebook
Twitter
SOURCE: Winning Brands Corp.
View source version on accesswire.com:
https://www.accesswire.com/703313/Appeal-Period-Satisfied-for-Winning-Brands-Acquisition-of-GestureTek-Systems-Assets
FAQ
What is the significance of Winning Brands acquiring GestureTek assets?
When will GestureTek's products start impacting Winning Brands' financial results?
What are GestureTek's main technological contributions to Winning Brands?
Were there any objections to the acquisition of GestureTek by Winning Brands?
