VANCOUVER, June 1, 2017 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW) ("Fireswirl" or the "Company") is pleased to announce that it has completed the previously announced sale of its controlling interest in Beijing Xingchang Xinda Technology Development Co., Ltd. ("XCXD") to, inter alia, the shareholders of XCXD (the "Purchasers") in consideration for an aggregate of 6,058,673 common shares of the Company held by the Purchasers (the "Consideration Shares"). Fireswirl intends to cancel the Consideration Shares and return them to treasury. Once the Consideration Shares have been cancelled, Fireswirl will have 47,512,612 common shares issued and outstanding. As additional consideration, the Company agreed to settle XCXD's outstanding indebtedness to the Company and certain of its subsidiaries in consideration for RMB 3,500,000 (approximately C$700,000).
"We are very excited in moving forward on executing our new corporate expansion initiatives with the recent AMZON acquisition in one of the fastest growing markets in the technology space," stated Lawrence Ng, CEO. "The closing of the sale of XCXD interests will allow us to focus on new markets and better serve our existing customer base in the augmented reality and virtual reality space in Asia and North America."
Fireswirl Technologies Inc. (TSXV: FSW) is in the business of providing multimedia and interactive marketing solutions, specializing in 3D visualizations, computer graphics and digital design. It has also developed and deployed augmented reality ("AR") and virtual reality ("VR") applications for customers in the property and sports segments. In the property segment, VR and AR applications are mainly deployed for sales and promotional use. In the sports segment, Fireswirl has developed its owned branded VX System, which integrates seamlessly with its VR technology and indoor cycling applications.
This news release contains certain forward-looking statements that reflect the current views, beliefs, assumptions and expectations of Fireswirl with respect to its performance, business and future events. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: Fireswirl's intention to cancel the Consideration Shares and return them to treasury and the number of outstanding common shares following cancellation of the Consideration Shares. Although the Company considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Although Fireswirl has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Fireswirl does not undertake any obligations to update any forward-looking statements, except in accordance with applicable securities laws.
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 Fireswirl Technologies Inc.
For further information: Ji Yoon, Interim Chief Financial Officer and Chairman, Telephone: 604.540.8805, Fax: 604.677.6613, Email: email@example.com, Website: www.fireswirl.com