New capital will strengthen expansion strategy as demand for Ackroo solution grows
OTTAWA, Nov. 22, 2013 /CNW/ - Ackroo Inc. (TSXV: AKR) ("the Company"), a loyalty and rewards technology and services provider, announced that it is proceeding with a non-brokered private placement in which it will seek to raise $500,000. In connection with the offering, the company proposes to issue common shares at a price of 15 cents per common share. The company expects to pay a finder's fee to certain eligible persons for subscriptions to the offering completed by qualified investors, who have been introduced by such finders, within the parameters permitted by the TSX Venture Exchange.
With over 600 customer merchant locations, Ackroo's web-based software platform combines the convenience of a gift card, the customer retention power of a loyalty program and the immediacy of promotional offers in a single, easy-to-use solution enabling businesses of all sizes to launch customer retention programs that drive revenue.
"The demand for Ackroo's loyalty solution by merchants and businesses across North America continues to grow," said Eamonn Garry, chief executive officer at Ackroo. "This additional capital will fuel our ability to meet the demands of the market and strengthen our position for long-term growth. "
The proposed private placement will be completed pursuant to available exemptions from prospectus requirements under applicable securities laws. The securities issued under this private placement will be subject to restrictions on transfer, including a hold period ending four months after issuance. The private placement remains subject to a number of conditions, including, but not limited to, the execution of subscription agreements with investors and TSX Venture Exchange approval. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Ackroo
Ackroo enables businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty rewards programs. Their 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 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. This press release contains statements that constitute forward looking statements. These statements include, among others, statements about Ackroo's intention to complete a private placement. Readers are cautioned not to place undue reliance on such forward looking statements. Such statements are based on current expectations and assumptions and involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Ackroo Inc.
SOURCE: Ackroo Inc.
John Chapman
Chief Financial Officer | Ackroo
Tel: 613-599-2396 x714
Email: [email protected]
Jennifer Nelson
Vice President, Marketing | Ackroo
Tel: 613‐599‐2396 x705
Email: [email protected]
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