CSE: URL / OTC: NTCEF
VANCOUVER, Jan. 10, 2019 /CNW/ - NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: NTCEF) (the "Company") is pleased to announced that it has acquired NamePal.com, LLC ("NamePal") pursuant to the terms of a share purchase agreement ("Purchase Agreement") among NameSilo, LLC ("NameSilo"), Kristaps Ronka ("Ronka"), a director of the Company, and Market Plaza International LLC (the "Vendor").
NamePal is an ICANN domain name registrar and provider of domain registration, web hosting, email and SSL services. NamePal has developed its proprietary, patent pending, Fetch! Product, which is an innovative domain backorder service that uses aggregator technology to capture and deliver expiring domain names, through an auction process from over 15 platforms, with a 99% capture rate.
Under the terms of the Purchase Agreement, NameSilo acquired 100% of the membership interest in NamePal and, in consideration of which, Ronka has agreed to transfer up to a 1.75% interest in NameSilo to the Vendor (or its principals) as follows: (i) 0.5% of the membership interest within six months of closing, (ii) 0.5% of the membership interest within twelve months of closing, and (iii) 0.75% of the membership interest within eighteen months of closing. NameSilo has also agreed to retain the principals and existing staff of NamePal in order to integrate value added services and expand the NameSilo offering.
"The acquisition of NamePal provides us with a superb technical team to assist us in our rollout of higher margin domain services," says Kristaps Ronka, CEO of NameSilo LLC. "The NamePal team will be instrumental in taking the business to the next level. Importantly, the acquisition is non-dilutive to the Company's interest in NameSilo as it will continues to hold an 81.5% interest in NameSilo after closing of the acquisition."
"The NamePal team is extremely thrilled to join forces with one of the worlds largest registrars. We look forward to bringing our industry-specific knowledge to NameSilo and continue building the brand by providing their customers with new exceptional products and services," says Arthur Poghosian, CEO of NamePal.com. "Our goal is to help increase the retention rate and the company's revenue by creating a 'one-stop shop' for all domain and website related needs. As a combined entity, we want to let the user register or backorder a dream name, get hosting on our secured servers, order a professional website and further grow their business with NameSilo."
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. NameSilo does not invest on behalf of any third party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with over 2.5 million active domains under management, and over 240,000 customers from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and set forth in detail in the Company's CSE Listing Statement dated August 1, 2018. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
SOURCE NameSilo Technologies Corp.
For further information: NameSilo Technologies Corp., Paul Andreola, President, CEO and Director, (604) 644-0072, www.brisio.com; NameSilo LLC, Kristaps Ronka, CEO, [email protected], www.namesilo.com