Velocity Data Announces Agreement to Acquire NuBreed Nutrition Inc

Not For Distribution To Press Services In The United States And Not For Circulation In The United States

WINDSOR, Ontario - July 31, 2020 - PRLog -- Velocity Data (now know as Emergence Global Enterprises Inc., but listed for trading on the Canadian Securities Exchange as Velocity Data Inc.) is pleased to announce that it has entered into a binding share purchase agreement (the "Purchase Agreement"), dated July 31, 2020, pursuant to which the Company has agreed to acquire all of the issued and outstanding shares in the capital of Nubreed Nutrition, Inc. ("Nubreed") (the "Transaction"), a developer and distributor of branded sports and nutrition specialty supplements. In connection with the Purchase Agreement, the sole shareholder of Nubreed (the "Vendor") is entitled to receive aggregate consideration of 1,000,000 common shares in the capital of the Company ("Common Shares") to be issued to the Vendor at the closing time.

The Transaction is expected to result in a "Change of Business" of the Company as such term is defined in Canadian Securities Exchange Policy No. 8 – "Fundamental Changes & Changes of Business". Once consummated, the Transaction will change the nature of the Issuer's business from being a distributor of computer systems and related components to a builder of reputable consumer brands using leading innovation, integrated platforms and full traceability for the health food marketplace. The completion of the Transaction is subject to certain conditions precedent including receipt of approval from the Canadian Securities Exchange.

About the Company (listed on the Canadian Securities Exchange as "Velocity Data Inc.")

The Company is in a transition phase. On February 28, 2018, the Company announced its intention to exit its business of selling computer systems and related components and focus on new investments and projects. The Company's business was previously conducted by the Company's wholly owned subsidiary ACL Computers and Software Inc.. On January 28, 2020, the CSE notified the Company that it did not meet the continued listing requirements as set out in CSE Policy 2, Appendix A, Section 2.9 and the CSE considered the Company "inactive". In accordance with CSE Policy 3, Section 5.1, an ".X" extension was added to the Company's trading symbol. The Company is considering a number of development projects, including by way of strategic acquisition, including the proposed Transaction.

Additional information about the Company can be found on SEDAR at www.sedar.com under the Issuer Profile of "Velocity Data Inc.".

About Nubreed Nutrition, Inc.

Nubreed is a private corporation organized under the laws of the State of Michigan. It develops and distributes branded sports and nutrition specialty supplements in the United States, Canada, Australia and other jurisdictions.

Cautionary Statement Regarding Forward-Looking Information

Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: closing and the terms and conditions of the proposed transaction; the business and operations of the Company after closing the proposed transaction. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the nutraceutical and botanical industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that the proposed transaction will occur or that the anticipated financial, economic or strategic benefits will be realized.  The completion of the proposed transaction is subject to a number of conditions including approval of the Canadian Securities Exchange, and there can be no assurance that approvals will be obtained and/or any other conditions will be met.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Media Contact
Emergence Global Inc. / Velocity Data
Joe Byrne, President and CEO
ir@emergenceglobalinc.com


Photos: (Click photo to enlarge)



Read Full Story - Velocity Data Announces Agreement to Acquire NuBreed Nutrition Inc | More news from this source

Press release distribution by PRLog
Latest News

Putin engineers shakeup that could keep him in power longer

Aug 15, 2020

MOSCOW — President Vladimir Putin engineered a surprise shakeup of Russia's leadership Wednesday, proposing changes to the constitution that could keep him in power well past the end of his term in 2024. Prime Minister Dmitry Medvedev resigned his post after Putin announced the proposed constitutional amendments. Putin kept his longtime ally in the Kremlin's leadership structure, appointing him to the newly created post of deputy head of the presidential Security Council. The shakeup sent shock waves through Russia's political elites who were left pondering what Putin's intentions were and speculating about future Cabinet appointments. Putin’s proposed constitutional reforms, announced...

Sultan Qaboos bin Said, who modernized Oman, dies at 79

Aug 15, 2020

DUBAI, United Arab Emirates — Oman’s Sultan Qaboos bin Said, the Mideast's longest-ruling monarch who seized power in a 1970 palace coup and pulled his Arabian sultanate into modernity while carefully balancing diplomatic ties between adversaries Iran and the U.S., has died. He was 79. The British-educated, reclusive sultan reformed a nation that was home to only three schools and harsh laws banning electricity, radios, eyeglasses and even umbrellas when he took the throne. Under his reign, Oman became known as a welcoming tourist destination and a key Mideast interlocutor, helping the U.S. free captives in Iran and Yemen and...

On streets of Tehran, relief for now at no wider conflict

Aug 15, 2020

TEHRAN, Iran — Iranian newspapers proclaimed the country's attack on U.S. forces in Iraq to be "a dark night for Americans," and Washington's "first admission of failure in history." On the bustling streets of Tehran, however, there was relief Thursday that neither side appeared primed for war. “War is not something like the ‘Call of Duty’ game," said Dara Shojaei, a 23-year-old architecture student. “It's not a game you can play to win. There's no winner.” But with the relief came some mixed feelings about how far Iran should go to avenge the killing of Revolutionary Guard Gen. Qassem Soleiman,...

Stocks rise as China confirms trade deal signing next week

Aug 15, 2020

NEW YORK — U.S stocks climbed in morning trading on Thursday as investors cheered confirmation from China that its top trade official will head to Washington next week to sign a preliminary trade deal. The “Phase 1” accord is the opening step on a possible path toward a broader agreement between the nations. President Donald Trump has said he will travel to Beijing after the initial signing to start the second stage of talks. Every major index is on track for a record as Wall Street distances itself from a bout of anxiety over the last week because of tensions...

Soleimani, a general who became Iran icon by targeting US

Aug 15, 2020

TEHRAN, Iran — For Iranians whose icons since the Islamic Revolution have been stern-faced clergy, Maj. Gen. Qassem Soleimani widely represented a figure of national resilience in the face of four decades of U.S. pressure. For the U.S. and Israel, he was a shadowy figure in command of Iran's proxy forces, responsible for fighters in Syria backing President Bashar Assad and for the deaths of American troops in Iraq. Solemani survived the horror of Iran’s long war in the 1980s with Iraq to take control of the Revolutionary Guard’s elite Quds Force, responsible for the Islamic Republic’s foreign campaigns. Relatively...

Search

Deck Biz is an intelligent platform providing international and regional business news updates. You won’t get these insights elsewhere other than Deck Biz.

Contact us: sales@deckbiz.com