RE:Halt ZeU Technologies Inc. (CSE: ZEU) is pleased to announce that it has
completed its exhaustive due diligence review and corporate integration documentation and expects
delivery of final legal opinions in relation to the proposed acquisition of Prego International Group AS.
Management of both companies plan to sign the final acquisition documents later this week. It is expected
that all regulatory review should be completed on or around February 5, 2021. At that point, all shares of
Prego International would have been exchanged for convertible debentures of ZeUPay, a wholly owned
subsidiary of ZeU Technologies and the target corporation.
Ronald Eriksen will join the board of directors of ZeU Technologies at closing.
ZeUPay will be fully integrated into the Mula ecosystem. Users of ZeU and the Mula platform native
function and applications, as well as users of third-party developed applications, will be able to use its
Crypto to Fiat gateway functionalities. All current account holders of Prego, including Pay2Go card
holders, will be seamlessly migrated to a Mula digital wallet that will allow them to send or receive
money, lend to the ecosystem, earn income and interest, and structure transactions. ZeUPay’s utility token
will be hot-swappable with a range of other tokens, including the MulaPay stable utility token.
“ZeUPay will allow instant access to the world legacy banking and
custodian system for 1.7 Billion “unbankables” while improving their
financial standing within the MulaPay ecosystem”
ZeU will acquire 100% of the issued and outstanding securities of Prego, though a wholly-owned
subsidiary (“ZeUPay”) for consideration of $8,125,000 paid as $7,500,000 in the form of unsecured
convertible debentures (the “Convertible Debentures”) of ZeUPay, $625,000 through the issuance of
2,500,000 ZeU common shares (each a “ZeU Share”) at a deemed price of $0.25 per share, and the
issuance of 7,500,000 non-transferable ZeU Share purchase warrants (the “ZeU Warrants”) of ZeU, each
entitling the holder to acquire one (1) ZeU Share at a price of $0.60 for a period of 24 months from the
closing of the Transaction (the “Closing Date”). Other than normal course operational credit, Prego is
currently debt-free.
About ZeU
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain
protocol, providing the foundation for the next-generation of encrypted and distributed networks. Thanks
to its high level of sophistication, ZeU’s technology maximizes transparency, security and scalability as
well as big data management. ZeU’s strategy is to monetize blockchain transactions in diverse sectors
such as payment, gaming, data, and healthcare.