Windsor, ON – January 12, 2021 – Velocity Data (CSE:VCT.X) (now known as Emergence Global Enterprises Inc., but listed for trading on the Canadian Securities Exchange as Velocity Data Inc.) (the "Company") is pleased to announce that it has completed its previously announced acquisition of all of the issued and outstanding shares in the capital of Nubreed Nutrition, Inc. ("Nubreed") (the "Transaction"), a developer and distributor of branded sports and nutrition specialty supplements. The acquisition was completed pursuant to a share purchase agreement (the “Purchase Agreement”), dated July 31, 2020. Under the terms of the Purchase Agreement, the sole shareholder of Nubreed (the "Vendor") received aggregate consideration of 1,000,000 common shares in the capital of the Company ("Common Shares") issued to the Vendor at the closing time.
The Transaction has resulted in a "Change of Business" of the Company as such term is defined in Canadian Securities Exchange Policy No. 8 – "Fundamental Changes & Changes of Business". Trading of the Common Shares on the Canadian Securities Exchange (the "CSE") has been halted pending review by the CSE of the Transaction. The listing of the post-acquisition Common Shares on the CSE was conditionally approved by the CSE on December 17, 2020 subject to customary conditions. Following final approval of the CSE, the Common Shares will commence trading on the CSE under the symbol "EMRG".
In connection with the Transaction, Claire Byrne resigned as a director of the Company and was replaced by Christian Gallant and Cameron Canzellarini.
Joseph Byrne, CEO of the Company, commented: “Nubreed Nutrition is a leader in the global sports supplement industry. We look forward to continuing and building on the great success of Nubreed Nutrition as it joins the Emergence Global Enterprises family”.
Additional information regarding the business of the Company and the biographical details of management and the board of directors can be found in the Company's CSE Form 2A Listing Statement, which will be filed on SEDAR prior to the commencement of trading of the Common Shares on the CSE.
About the Company (listed on the Canadian Securities Exchange as "Velocity Data Inc.") (CSE:VCT.X)
The Company is in a transition phase. On February 28, 2018, the Company announced its intention to exit its business of selling computer systems and related components and focus on new investments and projects. The Company is currently considering a number of development projects.
For further information on the Company, please contact: Joseph Byrne, President & Chief Executive Officer and a Director at phone: 519-257-0460 or by email at: [email protected].
Additional information about the Company can be found on SEDAR at www.sedar.com under the Issuer Profile of "Emergence Global Enterprises Inc."
About Nubreed Nutrition, Inc.
Nubreed is a private corporation organized under the laws of the State of Michigan. It develops and distributes branded sports and nutrition specialty supplements in the United States, Canada, Australia, and other jurisdictions.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: closing and the terms and conditions of the proposed transaction; the business and operations of the Company after closing the proposed transaction. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other 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; and the uncertainties surrounding the nutraceutical and botanical industry. 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. The Company 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. There can be no assurance that the proposed transaction will occur or that the anticipated financial, economic or strategic benefits will be realized. The completion of the proposed transaction is subject to a number of conditions including approval of the Canadian Securities Exchange, and there can be no assurance that approvals will be obtained and/or any other conditions will be met.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.