It is anticipated that revenue synergies will include the cross selling of TIOs mobile payment, self-service kiosk and financial wallet technologies to an expanded customer base. The combined companies will offer bill payment services to consumers across the US and Canada.
Randy Mersky , President of Globex and Global Express and the largest shareholder of Global, will remain as president of Globex after closing. TIO will be funding the transaction with a combination of cash on hand, debt and USD 3 million in equity issued to Core Innovation Capital at a price of USD 0.35 /share upon closing of the transaction.
The acquisition and related financing remain subject to approval of the TSX-V.
In recent news, TIO Networks has entered an agreement with iFactor Consulting, a developer of mobile apps, multi-channel communications management systems and outage maps for the utility sector.
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