to play the Reverse takeout by an AI company .
Idle Lifestyle arranges RTO with AI company Ultron
2023-01-27 19:06 ET - News Release
Mr. Patrick Gray reports
IDLE SIGNS LETTER OF INTENT FOR REVERSE TAKEOVER WITH ARTIFICIAL INTELLIGENCE COMPANY
Idle Lifestyle Inc. (formerly Poda Holdings, Inc.) has entered into a non-binding letter of intent with Ultron Capital Corp., dated Jan. 25, 2023, setting out the initial proposed terms and conditions pursuant to which the company and Ultron will effect a business combination that will result in a reverse takeover of the company by the shareholders of Ultron. The entity resulting from the proposed transaction will continue to carry on the business of Ultron as an artificial intelligence technology company that utilizes machine learning and natural language processing to improve efficiency, accuracy and decision making in the education industry. The LOI was negotiated at arm's length.
The proposed transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar form of transaction mutually acceptable to the company and Ultron. The company intends to issue a subsequent news release with the comprehensive details regarding the proposed transaction, including the proposed capitalization of the resulting issuer, upon execution of the definitive agreement.
Completion of the proposed transaction is subject to a number of conditions, including, but not limited to, exchange and shareholder approval. There can be no assurance that the proposed transaction will be completed as currently contemplated, or at all.
We seek Safe Harbor.