Ackroo Announces Sale to Paystone

HAMILTON, Ontario, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company” or “Ackroo”), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, announces that it has signed a definitive arrangement agreement (the “Arrangement Agreement”), dated December 12^th, 2024, with Paystone Inc. (“Paystone”). Pursuant to the Arrangement Agreement, Paystone will acquire (the “Transaction”) all of the issued and outstanding shares of Ackroo (the “Ackroo Shares”) at a price of $0.15 per Ackroo Share, and will assume all assets and liabilities of the Company, including the Company’s existing debt to BDC Capital Inc. (“BDC”). The purchase represents approximately a 25% premium over yesterday’s closing price and approximately a 36% premium over the 90 days volume weighted average price. With 115,304,952 Ackroo Shares currently issued and outstanding, approximately 9,000,000 options that are in the money, and close to $3,000,000 of debt owed to BDC, which will be repaid by the Purchaser on the closing of the Transaction, the enterprise value of the Transaction is approximately $21,000,000.

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