Toronto, Ontario--(Newsfile Corp. - February 19, 2020) - Data Deposit Box Inc. (CSE: DDB) (OTC Pink: DDBXF) (FSE: 2DD), a global provider of cloud backup and recovery technology, has signed a combination agreement, following up on the binding letter agreement announced February 6, 2020, to be acquired by HostPapa, Inc., a web technology company specializing in web hosting and cloud services for small businesses.
Subject to applicable conditions, Data Deposit Box will amalgamate with a subsidiary of HostPapa, Inc. and Data Deposit Box's shareholders will receive $0.012491639 per share in cash for each share of Data Deposit Box.
After careful consideration and consultation with its financial and legal advisors, Data Deposit Box's board of directors has unanimously approved the proposal and recommends that its shareholders vote in favour of the transaction at the Annual and Special Meeting of Shareholders scheduled for March 13, 2020. The resolution approving the transaction must be approved by two-thirds of the votes cast by shareholders who vote in person or by proxy at the shareholders' meeting. The amalgamation transaction is expected to close immediately following the Shareholder's meeting, subject to shareholder and regulatory approvals, as well as other customary closing conditions. The combination agreement and information circular for the meeting are posted at www.sedar.com and the materials will be mailed to shareholders on February 21, 2020.
About HostPapa Inc.:
HostPapa, Inc. is an established web hosting and cloud services company headquartered in Burlington, Ontario, Canada, with a large base of small business customers around the world. HostPapa has been accredited with an A+ rating by the Better Business Bureau and garnered multiple industry awards since its inception in 2007. More information about the company can be found at www.hostpapa.com.
About Data Deposit Box Inc.:
Data Deposit Box is one of the world's leading cloud backup and storage providers for IT Resellers, Managed Service Providers (MSPs), and Small and Medium Businesses (SMBs). The company's patented technology allows SMB's to backup and manage an unlimited number of devices (including Windows, macOS, iOS, Android, Synology and QNAP NAS) with one, easy to use app. For more information about Data Deposit Box, visit www.datadepositbox.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements:
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information..
For further information, contact:
Siva Cherla scherla@datadepositbox.com 1-866-430-2406
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52594
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