from 20c to 50c Is Charlie just getting started? LOI signed Gotta think that this is not the end but rather just the beginning. You have my attention Mr Shenton, (and my money) lets see what you and your new crew can do ! Check out the advisory firm : ) https://www.albanyinvestment.com/
Project One signs LOI for 2 Euro cybersecurity outfits
2020-08-12 07:54 ET - News Release
Mr. Ron Shenton reports
PROJECT ONE RESOURCES SIGNS A NON- BINDING LOI TO ACQUIRE TWO CYBER SECURITY COMPANIES
Project One Resources Ltd.'s recently disclosed negotiations (July 7, 2020) to purchase a 100-per-cent interest in two European cybersecurity firms have now moved to a non-binding letter of intent (LOI) stage.
The two cybersecurity companies of interest, have been in business for eight years and reported positive cash flow in each of those years. Each is well respected in their respective countries, and Project One management feels that they provide a robust foundation for a buy and build strategy.
Over the first six months of 2020, which has seen COVID-19 affect the global economy, many enterprises have accelerated their digital transformation plans and adopted new cybersecurity practices to accommodate employees working from home (WFH). This coupled with an era of increasing cybersecurity regulation and compliance (such as GDPR), along with an increased threat of both bad actors and state-sponsored cyberthreats, enhances an already substantial growth outlook.
The company has retained the services of Albany Investment, one the United Kingdom's leading cyberadvisory firms. Over the following 90-day period, Albany will be assisting Project One with its due diligence of the two acquisition targets. Should the due diligence be successful and the transaction moves toward a definitive agreement, Albany will work with the company to execute its medium to longer term plans which will include raising equity and debt, mergers and acquisition, and origination.
Ron Shenton, the company's chief executive officer, said: "The proposed acquisitions, provide shareholders an opportunity to gain exposure to an exciting market on attractive terms, which is further enhanced by a strong sector outlook. This transaction would add $30-million of revenue ($45-million (Canadian)) and $2-million ($3-million (Canadian)) in EBITA to the company's bottom line (2019). Having a strong base that can grow organically, allows us to explore further acquisitions in this sector, adopting our buy and build strategy.
"Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the company's stockholders and the Canadian Securities Exchange. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated," he further states.
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