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.
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.
For further information: Steve Levely, Chief Executive Officer | Ackroo, Tel: 613-599-2396 x730, Email: [email protected]