VANCOUVER, British Columbia & MONTRÉAL–(BUSINESS WIRE)–XMachina-AI Inc. (“XMachina-AI” or the “Company”) is pleased to announce the signing of a non-binding Letter of Intent to purchase all of the outstanding shares of The Good Register [‘TGR’], a SaaS product company in the PropTech vertical.
The proposed acquisition of The Good Register represents the 3rd transaction undertaken by XMachina since launching in Q3 of 2021.
“The re-setting of global valuations for SaaS – and technology companies as a whole, has opened up far more potential acquisition targets than we had thought possible. We are currently evaluating 250 potential targets and we see this number exploding in the next several months,” says Claude Théoret, CEO, XMachina. “Our focus on providing product and technology expertise, as well as liquidity and development capital to support growth companies in realising their full potential continues to resonate with founders.”
The Good Register’s innovative platform automates building maintenance tasks, allowing properties to be more efficiently managed and increasing tenant retention and satisfaction. They have multi-year contracts with top tier clients. XMachina is continuing its due diligence and assessment of TGR – with the objective of concluding the transaction on or before its public market listing later in the summer of 2022.
“The opportunity to join the XMachina team comes at the perfect time for TGR. We believe that the combination of XMachina resources and talent – with our vision and expertise – is the right formula for TGR to be successful,” commented Michel Levac, CEO, The Good Register. “We look forward to the exciting opportunities ahead.”
As AI startups and capital markets seek rationalisation, XMachina will continue to execute its vision of building a world-class Artificial Intelligence-focussed enterprise by acquiring strong, profitable AI companies, while delivering value for its shareholders.
About XMachina-AI Inc.
XMachina-AI acquires companies that are applying AI and advanced data analytics in innovative ways to solve real world business problems. The Company then accelerates their growth by injecting capital, top tier talent and by streamlining their corporate processes. Current sectors of interest for the Company include supply-chain and logistics, manufacturing, construction and real estate management. (www.machina-ai.com)
Cautionary Statements Regarding Forward Looking Information
This press release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward- looking statements include, but are not limited to, statements with respect to:
the ability of the Company to execute its business strategy and Use of Proceeds, Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, including risk with successful completion of due diligence on acquisitions, CSE listing requirements, regulatory barriers, capitalization and other uncertainties or factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals. 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. XMachina disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Patrick Brown, CFO