- Uniserve Communications Corporation (USS) has signed an LOI to purchase an undisclosed private cloud solutions provider
- The transaction is subject to the parties entering into a definitive agreement
- The purchase price of the transaction is expected to be $3,750,000
- Uniserve is a unified communications company that has been in business for 30 years
- Uniserve Communications Corporation fell to $0.15, losing $0.01 or 6.25 per cent at 12:43 PM ET
Uniserve Communications (USS) has signed an LOI to purchase all of the shares of a leading Vancouver-based private cloud solutions provider.
“The acquisition of this Vancouver-area-based private cloud solutions provider will further enhance the depth of cloud services being offered by Uniserve and further support the growth of our recurring revenue based service offerings,” said Kelly Walker, President and CEO of Uniserve.
“As businesses continue their shift to a hybrid working environment, secure virtual desktops continue to play an ever so important role into the future,” he added.
The transaction is subject to the parties entering into a definitive agreement.
On closing, the purchase price of the transaction is expected to be $3,750,000, payable in cash and a convertible note expiring four years from the date of closing.
The note will be convertible into common shares of Uniserve at $0.25 per share during years one and two, and $0.30 per share thereafter.
In addition, any time 2 years after closing, the noteholder will have the right to demand that any outstanding note value become due and be payable by Uniserve.
This transaction is expected to close within the next 85 days and is subject to final approval of the company’s Board of Directors and the approval of the TSX Venture Exchange.
Uniserve is a unified communications company that has been in business for 30 years.
Uniserve Communications Corporation fell to $0.15, losing $0.01 or 6.25 per cent at 12:43 PM ET.