OTTAWA, Nov. 18, 2015 /CNW/ - Ackroo Inc. (TSXV:
AKR) (OTC: AKRFF) (the "Company"), a gift card, loyalty and rewards
technology and services provider, has reached an agreement to amend
the payment terms for its acquisition of Dealer Rewards Canada, a
SaaS based loyalty rewards company tailored to the automotive
sector. Under the current terms Ackroo agreed to make
payments totaling $1,500,000 over an
18 month period of time expiring on December
31st 2016, and to issue 769,231 shares.
Ackroo made an initial payment of $100,000 and issued the shares agreed on closing
of the acquisition and has now revised the payment terms on the
remaining $1,400,000.
Under the new payment terms Ackroo will pay $100,000 by December 31,
2015, $100,000 by January 31, 2016, $100,000 a month for 9 months starting in
March 2016 and a final payment of
$300,000 due before January 31, 2017. The final cash payment is
subject to adjustment based on performance goals for the Dealer
Rewards business. Ackroo has also attached conversion
provisions to the remaining cash payments, where the vendor may
elect to receive shares of Ackroo, in lieu of the applicable cash
payments, based on the current 20 day VWAP at the time of
election. Any share issuances are subject to the prior
approval of the TSX Venture Exchange.
About Ackroo
Ackroo provides gift card and loyalty solutions into the
$160 billion North American gift card
and loyalty market. Their solutions enable businesses, merchants
and business networks to increase profitability and build long-term
customer relationships through customized gift card and loyalty
programs. Ackroo's web-based solutions provide the power of a
massively scalable software platform in a lightweight online tool
that works with existing point-of-sale equipment, making it
easy and affordable for businesses to launch gift card &
loyalty programs that deliver immediate return on investment.
Ackroo is headquartered in Ottawa,
Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Ackroo Inc.