ePals Acquires Newstogram(TM) Media Personalization Platform
"Nexify's leading-edge technology powers advanced features for some of the world's leading content providers, and our team is excited to extend these capabilities into educational media, where personalized content delivery can yield meaningful and lasting results," said Mr. Hauser. "ePals Media will continue to provide media technology to Nexify partners, integrate matching and recommendations technology to the existing ePals products suite, and create a wealth of opportunities for ePals content partners in both the existing ePals network and across the Newstogram network."
Details of the Acquisition
The assets of Nexify, Inc. were acquired by ePals-Nexify, Inc., an indirect wholly-owned Delaware subsidiary of ePals. ePals satisfied payment of the asset purchase price by issuing to Nexify a total of 4,449,686 restricted common voting shares (the "Closing Shares") at a price of US$0.67 per share. In addition, ePals issued to Nexify warrants to acquire an additional 307,000 restricted voting common shares, at a price of US$0.67 per share. The warrants are exercisable, upon vesting, up to four years from the date of closing. The restricted voting common shares and the warrants issued by ePals, and any shares issued upon exercise of the warrants, are subject to a hold period of four months and one day from the date of closing in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. In addition, the Closing Shares are subject to further escrow provisions such that each quarter following the first anniversary of the closing 25% of such shares are released from escrow.
ePals has 67,469,950 voting common shares and 48,017,968 restricted voting common shares (inclusive of the Closing Shares) issued and outstanding. Each restricted voting common share is convertible into one voting common share of ePals.
About ePals Corporation ePals Corporation is an education technology company and leading safe social learning network (SLN). Focused on the K-12 market, ePals offers primary and secondary schools, teachers, students and parents worldwide a safe and secure platform for building educational communities, providing quality digital content and facilitating collaboration for effective 21st century learning. ePals' award-winning products include: the ePals Global Community(TM); SchoolMail(R)365, LearningSpace(R) and In2Books(R), a curriculum-based e-mentoring program that builds reading, writing and critical thinking skills. ePals customers and partners include International Baccalaureate, Microsoft Corporation, Dell, Inc., IBM Corp., National Geographic and leading school districts across the United States and globally. ePals connects approximately 700,000 classrooms and millions of teachers, students and parents in approximately 200 countries and territories. For the ePals Global Community, visit www.epals.com. Corporate information is available at www.corp.epals.com.