VCI Contols sale completion Universal PropTech Inc. Announces the Completion of the Sale of VCI Controls Inc.
Newsfile Corp
Toronto, Ontario--(Newsfile Corp. - February 1, 2023) - Universal PropTech Inc. (TSXV: UPI) ("UPI" or the "Company") announces that it has completed the previously announced transaction (the "Transaction") pursuant to which it has sold all of the issued and outstanding shares of the Company's wholly-owned subsidiary, VCI Controls Inc. ("VCI") to Dexterra Group Inc. (TSX: DXT) (the "Purchaser"). The terms of the Transaction are set out in the share purchase agreement dated December 2, 2022 (the "Agreement") between the Company, VCI and the Purchaser.
The cash purchase price (the "Purchase Price") of approximately $4.8 million is subject to normal closing adjustments (the "Purchase Price"). Indemnity and employment holdback amounts totalling $980,000 (the "Holdback Amount") have been deducted from the cash paid on closing and are subject to release pursuant to the terms of the Agreement. Further details regarding the Transaction and Holdback Amount are set out in the Company's information circular dated December 19, 2022.
About Universal PropTech Inc.
Universal PropTech Inc. (TSXV: UPI) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. ("VCI"), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI's business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Contact Information
Universal PropTech Inc. Chris Hazelton
President and Chief Executive Officer