Personas Social Inc V.PRSN

Personas lawyer response…. Not the technology is being sold!

[G4General]

In response to your email dated Aug 19 addressed to Richard Steed, the Company lawyer, please find the company's reply below.

 

The assets that were sold to the Company in 2017 were comprised of a full range of assets and the underlying intellectual property and technologies that comprised Keek. That is not what is being sold now.  What is being sold now is specifically the pornography line of business and the associated mobile app and website.  No proprietary technology is being sold in this proposed transaction.  The purchase price of this transaction would equate to just over 40 years of profits from the assets as measured by the profits accrued over the last few years.  A valuation report and fairness opinion for this transaction, which will be provided to shareholders in the Management Information Circular and that will be accessible online, was carried out by an independent 3rd party evaluator that was selected by an independent committee of the board of directors of the Company.  Mr. Mark Itwaru has recused himself from this process and from voting on this transaction as a director and officer of the Company. This transaction is more fully described in the Management Information Circular that has been prepared and will be provided to shareholder of the Company for the upcoming annual general and special meeting of shareholders.

 

Regards,

Yousri Ahmed CPA, CA, CPA(US-NH)

 

YA Chartered Professional Accountant Professional Corp.

 

2 Robert Speck Parkway, Suite 750

Mississauga, L4Z 1H8

Tel: [phone]

[Ricky1975]

This is fantastic news. Great day.