Newly Elected Board Announces Intention to Change Name, Consolidate Shares, and Focus on Maximizing Shareholder Value
ZoomAway Travel Inc. (OTCQB: ZMWYF) is pursuing a name change to ZoomAway Technologies Inc. and plans a consolidation of shares at a ratio of 1:9. This initiative, already shareholder-approved in December 2020, aims to decrease outstanding shares from approximately 153 million to about 17 million. The board believes this will enhance business development and acquisition flexibility. The company is focusing on diversifying its revenue streams, exploring acquisitions, and leveraging its expertise in various tech sectors, although no operational changes are associated with these moves.
- Shareholder-approved name change to ZoomAway Technologies Inc.
- Share consolidation aims to improve the company's capital structure.
- Focus on diversifying revenue through potential acquisitions.
- Experienced board with expertise across multiple technology sectors.
- None.
VANCOUVER, BC / ACCESSWIRE / March 23, 2021 / ZoomAway Travel Inc. (TSXV:ZMA) (OTCQB:ZMWYF) (the "Company" or "ZMA") www.zoomaway.com, is pleased to announce that it will be seeking the approval of the TSX Venture Exchange (the "TSXV") to change its name to ZoomAway Technologies Inc. (the "Name Change") and to consolidate all of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every nine (9) pre-consolidated common shares (the "Consolidation").
The Name Change was previously approved by the Company's shareholders on December 16, 2020. In accordance with the Company's articles, shareholder approval of the Consolidation will not be required. The Consolidation has been approved by resolution of the Company's board of directors.
The intended Consolidation would result in the number of issued and outstanding common shares being reduced from the current outstanding 153,360,338 to approximately 17,040,038 common shares. The Company also has outstanding warrants to purchase 29,035,611 common shares reserved for issuance and stock options to purchase 3,855,000 common shares reserved for issuance, equal to a total of approximately 3,654,512 common shares on a post-Consolidation basis.
No fractional shares will be issued as a result of the Consolidation. All fractions of common shares post-Consolidation will be rounded down to the next lowest whole number if the first decimal place is less than five and rounded up to the next highest whole number if the first decimal place is five or greater. No cash consideration will be paid in respect of fractional shares.
The Company's board of directors believes that the Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements and future acquisitions.
There is no change of business associated with the Name Change and Consolidation. The Company intends to grow its revenue streams by seizing opportunities through acquisitions. The Company's new board of directors has a broad skill set including expertise in: Cannabis technology, FinTech, Payment solutions, white label applications, API integration, database management and E-Gaming. While the Company utilizes its skill set primarily in the hospitality industry and will continue to do so, it will also pursue other applications aimed at increasing overall profitability.
"2020 was a difficult year for the travel industry, and 2021 is slowly getting better", stated Sean Schaeffer, CEO of ZMA. "We want to make sure that we are searching out every avenue to increase revenues and profits, build shareholder value and develop a family of companies with specialized technologies as their common thread. Rest assured we are not abandoning any of our great projects like ZoomedOUT but see many potential money makers for our technology infrastructure in other industries which could result in significant growth."
Schaeffer continued, "Over the last few months we have been looking into acquisition targets. The Pandemic has taught us very valuable lesson about the need for diversification, and we aim to have a well-rounded portfolio of subsidiaries that provide services in good times and bad. With our recent loan facility and the on-going commitment of AIP, we have sufficient funding to execute multiple acquisitions as they present themselves. We are very excited about this partnership and the outlook for this business."
Both the Name Change and the Consolidation are subject to the receipt of all required regulatory approvals, including the approval of the TSXV, the provisions of the Business Corporations Act (British Columbia) and the articles of the Company. The Company will be obtaining a new set of CUSIP and ISIN numbers for the Name Change and Consolidation. The effective date for the Name Change and the Consolidation and the new CUSIP and ISIN numbers will be disclosed in a subsequent press release. The Company anticipates that its current trading symbol will remain unchanged. The board of directors may, at its discretion, determine to amend the terms or to not move forward with the Name Change and/or Consolidation.
For additional information contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 sean@zoomaway.com or stay up-to-date and sign up for our newsletter.
About Us
ZoomAway, Inc. (Nevada Co.) Zoomaway Travel Inc. is a technology company that is revolutionizing the Hospitality and Travel Industries. We have developed a variety of software solutions that enhance the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and re-imagination of mobile travel apps. In a full 3D environment, we are able to integrate planning, booking, social media, and camaraderie into a tangibly rewarding experience. We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
Forward-Looking Statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: ZoomAway Travel Inc.
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