Winning Brands Acquisition of GestureTek Systems Assets and Business Receives Court Approval & Vesting Order
Winning Brands Corporation has received court approval for its acquisition of GestureTek Systems Inc.'s assets and gesture control business. The Ontario Superior Court of Justice granted a motion on May 19, 2022, with a 10-day appeal period before the transaction can be finalized. GestureTek is known for its innovative touchless gesture control technology, serving a global customer base. Winning Brands aims to enhance shareholder value through this acquisition, positioning GestureTek's brand for future growth and development in the tech sector.
- Acquisition of GestureTek assets could enhance market position and technological capabilities.
- Potential for revenue growth through GestureTek's established customer base and innovative technology.
- Formation of a Tech Division to support GestureTek's brand presence and development.
- None.
GestureTek Brand Rights Are Going to Winning Brands Corporation
NEW YORK, NY / ACCESSWIRE / May 19, 2022 / Winning Brands Corporation (OTC PINK:WNBD) www.WinningBrands.com has moved closer to completing its acquisition of the assets and immersive gesture control business of GestureTek Systems Inc. The Ontario Superior Court of Justice has granted a motion today to order and approve the acquisition. Winning Brands Corporation is the purchaser of assets and rights that became available in the matter of the earlier bankruptcy of GestureTek Systems Inc of Toronto. The approval and vesting order is subject to a 10-day appeal period, following which a court appointed receiver will have responsibility to deliver to Winning Brands Corporation a Receiver's Certificate confirming the performance of certain procedural details, after which the transaction shall be declared closed.
GestureTek's technology has been at the leading edge of innovation in touchless immersive gesture control of a wide array of computer display systems serving people across many industries. The brand is well known and respected in the gesture control market, and enjoys a large commercial customer base worldwide. An 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, "I thank the other parties to this transaction for their cooperation and goodwill in a complex exercise. Intellectual property involves considerable expertise. Winning Brands looks forward to servicing all existing and new clients of GestureTek's technology and services, with the help of the dedicated GestureTek team, supported by our 3rd party service providers. More information will be forthcoming to shareholders and to our marketplace soon. We have major positive initiatives in the pipeline for the GestureTek brand to become better than ever. This is great news for GestureTek customers."
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 regular source of public information pertaining to Winning Brands, pursuant to SEC Fair Disclosure guidelines. 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
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SOURCE: Winning Brands Corp.
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FAQ
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