10 Nov Plus8 Global Ventures Announces Closing of Acquisition of “ParcelPal”, Closing of Shares for Debt Transaction, Option Grant and Appointment of New Chief Executive Officer and President
Plus8 Global Ventures Announces Closing of Acquisition of “ParcelPal”, Closing of Shares for Debt Transaction, Option Grant and Appointment of New Chief Executive Officer and President
Vancouver, British Columbia – November 10, 2015 – Plus8 Global Ventures Ltd. (“Plus8” or the “Company”), (CSE: PGT) is pleased to announce that it has closed its previously announced acquisition of “ParcelPal”, a parcel delivery mobile app technology, and its previously announced shares for debt transaction, it has appointed Mr. Jason Moreau as the President and Chief Executive Officer of the Company, and it has granted stock options to certain directors, officers and consultants of the Company.
Further to its news releases dated October 15, 2015 and October 21, 2015, the Company has closed its acquisition of all of the assets related to a parcel delivery mobile app technology platform known as “ParcelPal” (the “Assets”). Under the terms of the asset purchase agreement, the Company has issued 2,000,000 common shares in the capital of the Company (the “Shares”) as consideration for the Assets.
In addition, further to its news release dated October 21, 2015, the Company has closed the shares for debt transaction whereby 630,000 Shares in the capital of the Company were issued in order to settle a debt of $31,500. All securities issued pursuant to the acquisition of the Assets and shares for debt transaction are subject to a four-month hold period expiring on March 7, 2016.
The Company is pleased to announce that that Mr. Jason Moreau, a current director of the Company, has been appointed as President and Chief Executive Officer of the Company effective immediately. Mr. Moreau’s background includes experience with technology companies and public markets. Mr. Moreau founded and ran a SaaS (software as a service) company listed on the TSX Venture Exchange for 15 years until its sale to a NASDAQ-listed company in 2011. Mr. Moreau’s appointment follows the resignation of Martin Woodward as Chief Executive Officer. Mr. Woodward will continue to serve on the Company’s board of directors.
Pursuant to its Stock Option Plan, the Company has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 950,000 common shares in the capital stock of the Company. The options are exercisable at a price of $0.10 per share, and will expire five years from the date of grant.
ParcelPal is compatible with iOS and Android devices and the acquisition of the Assets will position the Company to compete in the on-demand delivery service. It is anticipated that Plus8’s initial roll-out plan for ParcelPal will start in Vancouver and soon after will include Calgary, Edmonton, Montreal, Toronto and Ottawa. Individuals are now able to apply to become a delivery person from the ParcelPal.com website or directly using the ParcelPal Driver App which is available at the Apple App Store or Google Play Android store. After completing a screening test, delivery people will utilize the ParcelPal Driver App to engage with customers wanting delivery services using the ParcelPal Delivery App. It is intended that ParcelPal will be used for delivering items such as documents from legal firms, stationary, groceries, take-out food among personal and business to business items. The Company plans to develop business relationships to provide same-day delivery of merchandise for leading retailers across Canada. The Company also intends to make ParcelPal available in select cities in the United States following the pilot program in Canada.
The Canadian Securities Exchange (“CSE”) or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
CSE – Symbol: PGT
Shares issued: 18,684,850
Contact: Jason Moreau, President and Chief Executive Officer, Plus8 Global Ventures, Ltd. – 778- 823-2460
Forward Looking Information
This news release contains forward looking statements relating to the future potential of ParcelPal. Forward looking statements are often identified by terms such as “will”, “may”, “should”, “intends”, “anticipates”, “expects”, “plans” and similar expressions. All statements other than statements of historical fact, included in this release are forward looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. There can be no assurance that any forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.