3 Sixty Announces Settlement of Outstanding Obligations due to Inkas Security Services Ltd. Resulting from April 2019 Acquisition Transaction
ALMONTE, Ontario, April 20, 2020 (GLOBE NEWSWIRE) — 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) today announced the settlement of all outstanding obligations due to INKAS Security Services Ltd. (“ISSL”) under the acquisition of substantially all of the assets and business of ISSL pursuant to an asset purchase transaction that closed on April 2, 2019 (the “ISSL Acquisition”).
The purchase price for the ISSL Acquisition was satisfied in part by the issuance to ISSL of a vendor take-back promissory note in the amount of $2 million. In addition, 3 Sixty owed amounts to ISSL in consideration for post-closing transitional services provided by ISSL and its personnel (collectively, the “Outstanding Obligations”).
The Outstanding Obligations were settled by the issuance of 29,300,198 common shares in the capital of 3 Sixty at a deemed price per share of $0.05 and by the obligation to pay to ISSL the amount of $784,990.10 of which $392,495.05 is payable on or before May 15, 2020 and $392,495.05 is payable on or before June 15, 2020.
Upon payment of all amounts as set out above, there will be no further outstanding obligations between the parties resulting from the ISSL Acquisition.
“The settlement demonstrates the belief and support of INKAS in the strength of our business, and also significantly improves the state of our balance sheet,” said 3 Sixty Founder and Chief Executive Officer, Thomas Gerstenecker.
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada’s leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3 Sixty provides cannabis security consulting, guarding and secure transport security services to more than 600 customers and more than 100 licensed cannabis producers, including some of the world’s largest, such as licensed producers owned by Canopy Growth Corporation. 3 Sixty has a staff of over 650 employees and employs a fleet of over 150 vehicles, which management believes provides a combined security footprint to approximately 35 million square feet of patrolled area.
For further information regarding the Company, please contact:
Thomas Gerstenecker, Founder and CEO, 3 Sixty Secure Corp.
1 (866) 360-3360
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. 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. 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 the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Source: 3 Sixty Secure