Mobio LOI with Elite cancelled
Out of the window cleaning business but still pushing for the moving business!
2022-05-30 16:38 ET - News Release
Mr. Laurie Baggio reports
ELITE WINDOW CLEANING INC. WITHDRAWS FROM THE NON-BINDING LETTER OF INTENT WITH MOBIO
Further to the news releases, issued on March 15, 2022, and March 16, 2022, Elite Window Cleaning Inc. has chosen to withdraw from the non-binding letter of intent dated March 15, 2022, which set out the proposed basic terms and conditions for the 100-per-cent acquisition of Elite, a window cleaning franchisor and a 100-per-cent acquisition of Tracksuit Movers Inc., a full-service moving company franchisor through a share exchange. Whilst Elite has chosen to withdraw, Mobio Technologies Inc. is still actively negotiating the Transaction with TMI.
Completion of the Transaction is subject to a number of conditions, including but not limited to, entering into a binding agreement, acceptance by the TSX Venture Exchange (the "Exchange ") and disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Mobio should be considered highly speculative.