REGINA, July 7, 2015 /CNW/
- Information Services Corporation (TSX:ISV), ("ISC" or the
"Company") today announced that it has entered into a Subscription
Agreement that will result in ISC acquiring 30 per cent of the
issued and outstanding voting, common shares of OneMove
Technologies Inc. ("OneMove") on closing for CAD$3.3 million. ISC will use existing cash
to finance the investment through a wholly-owned subsidiary.
ISC recognizes OneMove and its econveyance™ software
as an industry leading online, subscription based solution that
offers a secure and efficient means of managing real property
transactions. It simplifies and expedites the
process of buying and selling real property by connecting legal
professionals, lenders and insurers throughout the conveyancing
process. econveyance™ is available
in British Columbia, Alberta and most
recently, Ontario.
OneMove has continued to experience revenue and earnings growth
in 2015 and through this investment in OneMove, ISC expects to
participate in a growing, complementary business, consistent with
its growth strategy.
ISC will be entitled to proportional board representation,
pre-emptive rights to maintain its 30 per cent interest as well as
participation in or approval rights for certain fundamental
decisions respecting OneMove and its business.
The transaction is expected to close in the third quarter of
2015, subject to standard closing conditions and ISC obtaining
clearance for the transaction from the Commissioner of
Competition.
Origin Merchant Partners acted as exclusive financial advisor to
ISC on this transaction.
About ISC
ISC is an experienced provider of registry and information
services for government, individuals and private sector
business. As the exclusive provider of the land titles,
surveys, personal property and corporate registries for
Saskatchewan, the Company
maintains and operates these registries, which are key supporters
of economic activity in the province.
Cautionary Note regarding Forward-Looking Information
This news release contains forward-looking within the meaning of
applicable Canadian Securities legislation, including statements
with respect to the Commissioner of Competition, the closing of
this transaction and expected future oppurtunities for growth of
OneMove business. All statements other than statements of
historical fact are forward-looking statements.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those expressed or implied by such
forward-looking information. Although ISC believes the
forward-looking information contained in this release is based upon
reasonable assumptions, readers are cautioned not to place undue
reliance on forward-looking information as it is inherently
uncertain and no assurance can be given that the expectations
reflected in such information will prove to be correct. Many
factors and risks could cause our actual results to differ
materially from those expressed or implied by forward-looking
information including those detailed in ISC's Annual Information
Form, dated March 17, 2015, ISC's
unaudited condensed Consolidated Financial Statements and Notes and
Management's Discussion and Analysis for the quarter ended
March 31, 2015 as well as other
documents filed by ISC with Canadian securities regulators through
SEDAR (www.sedar.com) from time to time. Investors and others
should carefully consider the above-noted factors and risks and
other uncertainties and potential events. The forward-looking
information in this release is made as of the date hereof and,
except as required under applicable securities legislation, ISC
assumes no obligation to update or revise such information to
reflect new events or circumstances.
SOURCE Information Services Corporation