TORONTO, May 1, 2017 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that it has engaged OV2 Securities Inc. ("Ov2") to actively manage its strategic acquisitions strategy and to provide capital markets and strategic advice (the "Advisory Services") in connection with sourcing, structuring, pricing and closing of prospective merger, acquisition, takeover or other forms of combination transactions (each a "Transaction").
In consideration for Ov2 entering into this Agreement and providing the Advisory Services, the Company will pay a monthly fee to Ov2 plus additional compensation based on the successful completion of Transactions. Prodigy has also issued, pursuant to the Company's stock option plan, 183,823 options to Ov2 with each such option entitling the holder to acquire one common share of Prodigy at a price of $0.35 at any time after the successful completion of a Transaction until the 24-month anniversary of the successful completion of a Transaction. There are provisions for additional success based fees and warrants. Aside from the monthly fee, all compensation under the agreement is success based.
"As part of our long-term growth strategy, we actively seek out established businesses that offer a number of strategic synergies to our existing infrastructure as well as where we believe the Prodigy team can add significant value," offered Tom Beckerman, CEO of Prodigy Ventures. "In working with the Ov2 team, we have structured an agreement that aligns our mutual interests and that pays for success. We are confident that we will be able to fulfill this important component of our business as we look to continue growing our organization. We are very pleased to be working alongside Ov2 as they have established themselves as one of the leading Canadian Buy-Side M&A shops."
"We are very pleased to be working alongside Tom and his team at Prodigy Ventures. Prodigy is an exciting mandate and we have already initiated our global search for companies that fit the Prodigy model for growth, profitability and value" said Adam Adamou, CEO of Ov2. "Because our business model is primarily success based, we are very selective about the clients that we choose to take on and we look to build long term relationships over multiple acquisitions. Our proven approach to Buy-Side Acquisitions has reaped significant rewards for our clients, and we are excited to introduce the Prodigy team to our model and to our network."
Neither 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.
About Prodigy Ventures Inc.
Prodigy Ventures is an innovation company that has combined an enterprise services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to sell services and create new enterprise-grade platforms and apps using technologies such as mobile video, proximity, wearables, 3D & augmented reality.
Prodigy has been named as one of Canada's fastest growing technology companies in the 19th annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.
About Ov2 Securities Inc.
Ov2 Securities provides financial and intellectual capital to innovative Canadian growth oriented companies.
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company's ability to complete a Transaction. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the period ended December 31, 2016, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
SOURCE Prodigy Ventures Inc.
For further information: Andrew Hilton, Prodigy Ventures Inc., Chief Financial Officer, Andrew.Hilton@Prodigy.Ventures, 416-606-8833; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., BPedram@VirtusAdvisory.com, 416-644-5081