TrustBIX Inc. Announces Signing of Definitive Agreement to Acquire Insight Global Technology Inc

TrustBIX is pleased to announce that, further to its press release dated February 2, 2022, the Company has entered into a definitive agreement to acquire Insight Global Technology Inc

The acquisition is expected to be completed subject to regulatory and TSX Venture Exchange approval and once all remaining customary closing conditions have been satisfied.

Hubert Lau, CEO of TrustBIX, said, “I am very excited about the acquisition of Insight, which is a major milestone for TrustBIX. We are confident that the acquisition will help us expand our BIX platform, enhance our value in supply chains, and enable us to better serve our clients with a more diversified set of products and services. We believe Insight will assist us to drive growth and shareholder value in the months and years ahead.”

“The platform allows customers to quickly track, protect, and identify movement of assets using self-powered and self-reporting cellular tags and cloud-based suite of tools“

 

 

 

Under the terms of the definitive agreement, TrustBIX will acquire 100% of the issued and outstanding shares of Insight for up to 30,000,000 common shares of TrustBIX priced at $0.18 per share, scheduled to be paid out to Insight shareholders across specific milestones in four tranches (the “Consideration Shares”). The initial purchase consideration would be 10,000,000 common shares of TrustBIX (subject to certain resale restrictions). An additional amount of up to 20,000,000 common shares of TrustBIX (subject to applicable escrow and resale restrictions) may be issued by the Company as part of the consideration based on the attainment of certain projected revenue metrics and other financial results that would be applicable over the twelve months after the closing of the transaction.

About Insight

Insight is an edge-to-enterprise supply chain solution that brings asset situational awareness to dealers, rental fleets, and civil construction managers. The platform allows customers to quickly track, protect, and identify movement of assets using self-powered and self-reporting cellular tags and cloud-based suite of tools. Assignment of tags to assets allows usage reporting for inventory control and auditing tools with out-of-the-box readiness or integration with existing enterprise systems.

For more information, visit www.insightglobal.io.