MONTREAL, Feb. 2, 2017 /CNW Telbec/ - EXO U Inc. (TSX Venture Exchange: EXO) ("EXO U" or the "Company"), a software development company focused on effective collaboration and classroom management, today announced that after two months of negotiation with Alternative Capital Group Inc. ("ACG"), the letter agreement dated November 18, 2016 related to the secured credit facility of up to $4 million was terminated.
The Company is currently reviewing its options and remains focused on finding alternative proposals to finance its ongoing operational needs and execute on its business plan. Other options include finding a potential acquirer or partner with a view to merge with or acquire the Company or its assets. There can be no assurance that EXO U's review of alternatives will result in any specific transaction or that EXO U will be able to manage its liquidity position and continue operating its business in the near future.
Mr. Jim Kirchner, CEO of EXO U, stated, "We are very disappointed that the outcome of our negotiations with ACG did not result in an agreement that would have been in the best interests of our company. We will continue to review our alternatives going forward and will update our shareholders when the circumstances so warrant."
About EXO U
At EXO U, we believe that people learn best with instructional technologies that support and don't interrupt the momentum of teaching, learning, and collaboration—whether they are learning in person, remotely, or across an evolving device landscape. That's why our web-based whiteboarding and classroom management solutions for educational institutions and corporations work on any device with any OS, anytime and anywhere, solving important mobility issues such as security, privacy, real-time collaboration, and management of application and content. EXO U's shares trade on the TSX Venture Exchange under the ticker symbol EXO.V. For more information about Ormiboard, visit Ormiboard.com and follow us on Twitter @ormiboard.
Cautionary Note Regarding Forward-Looking Information
Certain statements included herein, including those that express management's expectations or estimates of EXO U's future performance or future events, constitute "forward-looking information" within the meaning of applicable securities laws. Such forward-looking information and statements are often, but not always, identified by the use of words such as "plans", "expects", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases (or the negative form thereof) or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic, regulator and competitive risks, uncertainties and contingencies that could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to, the Company's review of alternative financing proposals or transactions, and the Company's ability to manage its liquidity position and to continue operating its business. For additional information with respect to certain of these and other assumptions and risk factors, please refer to EXO U's management's discussion and analysis for the year ended March 31, 2016, available under EXO U's profile on SEDAR at www.sedar.com. Forward-looking information contained herein is presented as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
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 EXO U Inc
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For further information: For investor or media inquiries, please contact: Jim Kirchner, CEO, EXO U Inc., 1-704-293-5461, [email protected]; Shan Ahdoot, President, EXO U Inc., 1-480-313-5983, [email protected]