Carl Data Solutions Completes Acquisition of Assets of AB Embedded Systems
Dec 04, 2017, 08:00 ET
VANCOUVER, Dec. 4, 2017 /CNW/ - Carl Data Solutions Inc. (CSE:CRL, FSE:7C5, OTC:CDTAF) ("Carl Data" or the "Company"), is pleased to announce that, further to its press releases dated January 17, 2017, March 9, 2017 and October 20, 2017, it has completed the acquisition (the "Acquisition") of certain intellectual property assets, tangible assets, and intangible assets from AB Embedded Systems Ltd. ("AB Embedded") pursuant to the asset purchase agreement dated November 30, 2017 between Carl and AB Embedded.
This acquired combination of hardware design and development tools, and source code give Carl Data the tools to provide custom devices for their clients. The board prototyping and micro manufacturing equipment also allows complete in-house product development with the shortest possible time to market. This manufacturing equipment are an essential part of any Industrial IoT (IIoT) work.
In connection with the Acquisition, Carl:
- agreed to allot and issue AB Embedded 400,000 common shares of Carl at a deemed price of $0.32 per share (issued on November 30, 2017); and
- agreed to allot and issue AB Embedded 400,000 common shares of Carl at a deemed price of $0.32 per share on November 30, 2018, if (A) AB Embedded has not terminated an independent contractor agreement dated July 1, 2017 (the "Independent Contractor Agreement") between Carl, AB Embedded and Attila Bene, the founder and CEO of AB Embedded, before November 30, 2018 and (B) Carl has not terminated the Independent Contractor Agreement for cause before November 30, 2018.
Also in connection with the Acquisition, Carl officially terminated its securities exchange agreement dated March 3, 2017 with AB Embedded and its shareholders.
Greg Johnston, Carl Data CEO, commented, "The AB Acquisition is in line with Carl's commitment to acquire complimentary companies and technology. In the case of AB, this acquisition will allow our company to be more turn key when implementing our solutions. Complimentary hardware and telemetry solutions will mean faster integration of our SaaS based applications for customers at a very competitive price point."
About Carl Data Solutions Inc.
Carl Data Solutions Inc. is an Industrial IoT (IIoT) company focused on providing next generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, reporting, and predictive analysis tools.
Carl Data continues to develop applications to work with new cloud-based mass storage services and analytics tools (Big-Data-as-a-Service (BDaaS) to provide scalability for municipalities, utilities and other industrial verticals. These data collection and storage methods allow the company to build smart Software-as-a-Service (SaaS)-based applications that can collect data from many diverse sources and provide deep insight for decision-making purposes. More information can be found at www.CarlSolutions.com.
On behalf of the Board of Directors:
President, Chief Executive Officer, Director
Carl Data Solutions Inc.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
SOURCE Carl Data Solutions Inc.
For further information: Kimberly Bruce, Corporate Communications, Carl Data Solutions Inc., Telephone: (778) 379-0275, Email: [email protected]
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