Perk Labs Announces Letter of Intent
2022-12-19 05:30 ET - News Release
VANCOUVER, BC / ACCESSWIRE / December 19, 2022 / Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF)(FKT:PKLB) ("Perk" or the "Company") the parent company of Perk Hero, the Company helping businesses go digital, today announced it has signed a non-binding letter of intent (the "LOI") to combine with GetIt Technologies Inc. ("GetIt").
About GetIt
Co-founded by Ryan Hardy and Ben Lacroix, GetIt Technologies is a mobile application technology company that specializes in mobile marketplaces to support small to medium sized businesses. Its platform "Getit Local'' supports hundreds of businesses in Ottawa and Calgary for pickup and delivery technology. For more information, please visit https://getittechnologies.co
The Transaction
Upon completion of the proposed transaction (the "Transaction"), the combined entity will be a leading digital technology provider of delivery and digital ordering solutions with presence in four major Canadian cities. The intent is to build an integrated organization that provides intelligent digital solutions for small to medium sized businesses across Canada and abroad. Under the terms of the LOI:
- Perk will acquire 100% of the outstanding shares of GetIt pursuant to a share exchange with the shareholders of GetIt;
- Perk will change its name and rebrand as "GetIt Local"; and
- Ryan Hardy, the CEO of GetIt, will be appointed as CEO, President, or another position of senior management and Jonathan Hoyles will remain with the Company as inhouse legal counsel or another position of senior management.
Each party is conducting its respective due diligence and the contemplated Transaction remains subject to approval by the board of directors of each party, stock exchange and regulatory approval. Subject to the completion of each company's due diligence to its sole satisfaction, the parties will negotiate and proceed to enter into a definitive agreement outlining the terms and structure of the transaction. The final transaction structure will be determined after each party has had the opportunity to receive legal, accounting and tax advice.