SPRING, TX / ACCESSWIRE / November 14, 2022 / Infrax Systems, Inc. (OTC PINK:IFXY) announced today that the company has received notice from Mi Pulpe LLC stating that it is unable to provide requested financial information for the quarter ended September 30, 2022, causing IFXY to terminate the Purchase Agreement with Mi Pulpe and rescind the acquisition.
Per the notice, subsequent to the execution of the Purchase Agreement for the acquisition of Mi Pulpe, Mi Pulpe was provided with notice of certain unfulfilled financial obligations constituting a material adverse event.
The existence of these obligations was not disclosed to IFXY management prior to the execution of the Purchase Agreement. Mi Pulpe's current situation is a material adverse event as described in the Purchase Agreement. As a result, IFXY has informed Mi Pulpe that it is terminating the Purchase Agreement and rescinding its acquisition of Mi Pulpe.
IFXY will file its quarterly disclosure statement for the period ending September 30, 2022, within five days. The Company's disclosure statements will not include any financial results pertaining to Mi Pulpe.
About Infrax Systems, Inc.
Infrax Systems, Inc. is a brand incubator and accelerator. The company plans to build a portfolio of revenue-generating product brands to develop new sales channels and increase brand awareness and revenues.
Contact Information:
https://twitter.com/InfraxInc
https://twitter.com/jpineda100
Shareholder/Investor inquiries for Infrax Systems, Inc.:
Infrax Systems, Inc.
1-888-204-4134
ir@infraxinc.com
Safe Harbor Statement: In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that would cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Infrax Systems, Inc.
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