TORONTO, March 22, 2021 (GLOBE NEWSWIRE) -- Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, is pleased to announce that, further to its news release dated March 8, 2021, it has completed a non-brokered private placement with FAX Capital Corp. (TSX: FXC & FXC.WT) (“ FAX ”) pursuant to which FAX purchased 16,000,000 common shares of Quisitive (“ Common Shares ”) from treasury at a price of $1.25 per Common Share for gross proceeds of $20,000,000 (the “ Private Placement ”).
The Company intends to use the net proceeds of the Private Placement for strategic acquisition opportunities and for general corporate purposes.
Mike Reinhart, Quisitive Chief Executive Officer, said, “We’re thrilled to complete this financing with FAX which we believe puts Quisitive on the path of accelerated expansion, and will enable us to broaden our operational capabilities, accelerate our payment solutions strategy, and strengthen our marketing and sales. The success of this financing demonstrates confidence in the Quisitive team, our Microsoft partnership and the potential of the LedgerPay payment platform.”
“Quisitive has built a strong foundation for long-term growth, and we look forward to continuing to support the Company’s ongoing success,” said Blair Driscoll, FAX’s Chief Executive Officer.
In connection with the Private Placement the Company paid fees aggregating $1,400,000. In addition to a contractual lock-up of 12 months, the Common Shares issued to FAX are subject to a statutory four month and one day hold period.
About FAX :
FAX (TSX: FXC & TSX: FXC.WT) is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. FAX invests in equity, debt and/or hybrid securities of high-quality businesses. FAX initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States. Further information about FAX is available at www.faxcapitalcorp.com .
About Quisitive:
Quisitive (TSXV: QUIS) is a premier, global Microsoft partner that harnesses the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to generate transformational impact for enterprise customers. Our Cloud Solutions business focuses on helping enterprises move, operate, and innovate in the three Microsoft clouds. Centering on our LedgerPay product suite, our Payments Solutions business leverages the Microsoft Azure cloud to transform the payment processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients globally from nine employee hubs across the world. For more information, visit www.quisitive.com and follow @BeQuisitive.
Quisitive Investor Contact
Matt Glover and John Yi
Gateway Investor Relations
QUIS@gatewayir.com
949-574-3860
FAX Investor Contact:
Tim Foran
IR@faxcapitalcorp.com
FAX Media Contact
Kieran Lawler
(416) 303-0799
Kieran.lawler@loderockadvisors.com
Cautionary Note Regarding Forward Looking Information
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the Private Placement, anticipated use of proceeds from the Private Placement, and proposed activities and strategy. While these forward-looking statements are based on the reasonable assumptions and estimates of management of the Company and FAX at the time these statements were made, these statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the anticipated benefits of the Private Placement to the Company, the ability to successfully execute on the Company's corporate strategies and strategic acquisitions, the limited history of operations of the Company's LedgerPay business and future business strategy, receipt of all final regulatory approvals in connection with the Private Placement, and other events or conditions that may occur in the future. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Neither the Company nor FAX undertakes any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.
