Victory Square Technologies Inc., a company that provides investors access to a diverse portfolio of next generation companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, and cloud computing, is pleased to announce that it has executed a binding share purchase agreement (the “SPA”) dated January 29, 2021 with the shareholders of IV Hydreight Inc. (“Hydreight”), a mobile health and wellness service provider operating in the United States, pursuant to a share purchase agreement to acquire all of the shares of Hydreight (the “Acquisition”). Closing of the Acquisition is expected to occur on or about February 5, 2021.
Founded in 2018, Hydreight provides a unique, custom built, proprietary telemedicine service that allows users to book confidential health & wellness and/or medical services at their home, hotel, office or wherever they may need discreet assistance. The business model of Hydreight leverages decentralized healthcare to bring quality telehealth, medical, health and wellness services to the masses in an efficient, scalable and cost effective way.
Hydreight Highlights
Victory Square plans to adopt this Acquisition in its planned global VSH growth strategy for the emerging lucrative tele-health platform. Hydreight’s proprietary technology and existing licenses in the USA enables the Company to access and expand upon the Hydreight model with an additional focus on mental health and wellness, discrete care, and other services. The Company plans to expand the current Hydreight offerings combined with the VST Health options in existing jurisdictions across the USA and in the global marketplace including Canada, Brazil, and Europe.
“This acquisition enables our combined teams to unite and prepare for critical expansion and new offerings in the current marketplace and in great new jurisdictions globally,” said Victory Square CEO, Shafin Diamond Tejani.
Terms of the Acquisition
Pursuant to the SPA, the aggregate purchase price for Hydreight will be USD $1,600,000. The terms of the Acquisition will be as follows:
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1 For the purposes of the Transaction, “VWAP” means, for any security as of any date, the daily dollar volume-weighted average price for such security on the CSE reported by the Canadian Securities Exchange.
In connection with the Acquisition, the Company has agreed to pay to certain finders that number of VST Shares as is equal to 5% of the total number of VST Shares issuable under the terms of the SPA.
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On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
For further information about the Company, please contact:
Investor Relations Contact – Edge Communications Group
Email: ir@victorysquare.com
Telephone: 604 283-9166
Media Relations Contact – Howard Blank, Director
Email: howard@victorysquare.com
Telephone: 604-928-6066