- Cover (COVE) has appointed a new CEO and executed a definitive agreement to acquire Flurbo, a blockchain-based data aggregation solution
- The company will issue 5,500,000 common shares plus C$3.5 million in EBITDA-based earn-outs for the acquisition
- The company believes Flurbo will facilitate the vertical integration of its magnesium processing technology
- Cover has also appointed Dorian Banks as its CEO, Director and interim CFO
- Cover is a technology research and development company with a focus on emerging technologies and solutions
- Cover Technologies (COVE) is unchanged trading at $3.01 per share
Cover (COVE) has appointed a new CEO and acquired Flurbo, a blockchain-based data aggregation solution.
The company will acquire Flurbo from Nifty Technologies, the rights and ownership to the “Nifty Technologies” name, and the services of Flurbo’s Chief Technology Officer, for 5,500,000 common shares plus C$3.5 million in EBITDA-based earn-outs.
Cover views Flurbo as a complement to its technology for processing magnesium from tailings. It will provide vertical integration from initial production to processing, including supply chain, logistics and finance, aggregating participants and transactions at all levels of the resources industry.
Upon closing, Nifty will become a Cover insider, owning approximately 19.4 per cent of the company.
Cover has also appointed Dorian Banks as its CEO, Director and interim CFO. Banks is an entrepreneur with focuses on technology, blockchain and agri-tech. He has served as a senior executive and/or board member for over a dozen publicly traded companies over the past two decades.
Cover is a technology research and development company with a focus on emerging technologies and solutions.
Cover Technologies (COVE) is unchanged trading at $3.01 per share as of 2:19 pm ET.