Globalive Technology has completed a US$235,000 investment in Civic Resource Group International (CivicConnect), following an earlier investment of US$350,000 in Q3 2019.
TORONTO, Feb. 24, 2020 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the "Company"), a technology company based in Toronto, Ontario, has completed a US$235,000 investment in Civic Resource Group International (d/b/a "CivicConnect"). This latest investment follows an earlier investment of US$350,000 made in August 2019 and the acquisition of an 11% equity interest in CivicConnect in June 2018.
CivicConnect is a technology company providing government agencies and strategic partners with an integrated platform of technologies and products necessary to increase efficiencies and drive connected solutions for smarter cities, including mobile and web-based applications. Its principal solution, the CivicConnect platform, is a cloud-based data management platform that enables the rapid deployment of dynamic mobile and web systems for a variety of government-run organizations, including transportation, travel and tourism, arts and recreation, water and energy management services, and regional economic development. It connects and integrates structured public data sources, commercial data sources and unstructured data sources providing powerful backend business intelligence across unlimited outlets and devices.
"CivicConnect continues to make strides towards its goal of fulfilling the promise of artificial intelligence and the Internet-of-Things in the world of urban infrastructure, urban mobility and smarter cities," said Anthony Lacavera, Founder and Chief Executive Officer of the Company. "We are impressed with the progress and the strategic partnerships that CivicConnect has made and we are pleased to continue to support them as they push to expand the scope of their offerings into exciting new verticals."
CivicConnect is one of the world's leading providers of digital egGovernment solutions. CivicConnect provides cloud-based solutions that touch every facet of citizens' lives. Since 2000, CivicConnect has been "fulfilling the promise of technology™" for clients in the broad public sector, helping them to harness digital advances to effectively connect with their target audiences. By leveraging the award-winning CivicConnect™ platform and deep domain expertise, CivicConnect has delivered impactful, engaging and cutting-edge solutions that facilitate openness, transparency and efficient service delivery for external and internal users alike. CivicConnect is a new breed of company with a new approach, blending the best of technology, design and communications in the digital age. For more information, visit the company's website at www.civicconnect.com or contact CivicConnect at [email protected]
About Globalive Technology Inc.
Globalive Technology is a next generation software company and venture partner developing innovative solutions to disrupt traditional industries by leveraging artificial intelligence and machine learning technology stacks, with a particular focus on delivering innovative payment, billing and credit solutions. Globalive Technology is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD. It has also made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to the Company, its investments in CivicConnect, the performance of the CivicConnect platform and the scope of any potential expansion by CivicConnect into new verticals. Such forward-looking statements are identified by terms such as "continue to", "push to" and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a breakdown in the Company's relationship with CivicConnect or in the relationships between CivicConnect and its other strategic partners, difficulties or delays in developing new functionality or expanding on existing functionality in the CivicConnect technology platforms, CivicConnect or its technology platforms not performing as expected, third parties not using the CivicConnect technology platforms as expected, competitors in existing or potential new market segments, economic conditions not making the CivicConnect technology platforms as attractive as originally anticipated, an unexpected change in the funds and assets available to repay the Company's investments, a change in the business or strategic plan of CivicConnect and other risks as set out in the Company's Filing Statement available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Globalive Technology