- ScreenPro Security (SCRN) has completed the acquisition of GoStop Inc., a private COVID-19 digital passport services company
- ScreenPro has acquired all of the issued and outstanding common shares of GoStop for an aggregate purchase price of C$4 million
- Payment was made through the issuance of 40 million payment units
- Each payment unit consists of one common share and one-half of one common share purchase warrant
- Each payment warrant is exercisable to purchase one common share at a price of $0.15
- GoStop is now a wholly-owned subsidiary of ScreenPro
- ScreenPro Security (SCRN) is up 4.55 per cent, trading at C$0.115 per share at 2:15 pm ET
ScreenPro Security (SCRN) has completed the acquisition of GoStop Inc., a private COVID-19 digital passport services company.
GoStop’s passport will enable people to use the alerting software and downloadable app with authentication certificates.
COVID-19 tests with the app trigger an instant notification to individuals in the test group. In the case of a positive result, the app advises isolation for the subject and quarantine of their contacts.
The acquisition of GoStop was completed by way of a share exchange agreement between ScreenPro, GoStop and all GoStop shareholders.
Pursuant to the terms of the Share Exchange Agreement:
- ScreenPro has acquired all of the issued and outstanding common shares of GoStop from the GoStop shareholders for an aggregate purchase price of C$4 million, satisfied through the issuance of 40 million payment units
- Each payment unit was issued at a deemed value of C$0.10 and consists of one common share and one-half of one common share purchase warrant
- Each payment warrant is exercisable to purchase one common share at a price of $0.15 until September 26, 2022
As a result of the acquisition, GoStop is now a wholly-owned subsidiary of ScreenPro.
John McMullen, CEO, stated,
“This acquisition adds a complete service offering for the company that will generate additional revenue for us as we roll out this technology into our core testing business of both PCR and, more recently, Rapid Antigen Testing. To give our clients the confidence of knowing that everyone at their organization has tested negative for the virus supports the goal of getting Canadians back to work.”
In addition, the Company has granted 18,760,000 stock options to various, directors, officers, employees and consultants. The options have an exercise price of $0.10, vest immediately, and have a life of three years from the date of grant.
ScreenPro provides turnkey coronavirus screening solutions to the private sector.
ScreenPro Security (SCRN) is up 4.55 per cent, trading at C$0.115 per share at 2:15 pm ET.