MONTREAL, Feb. 2, 2017 /CNW Telbec/ - EXO U Inc. (TSX
Venture Exchange: EXO) ("EXO U" or the "Company"), a software
development company focused on effective collaboration and
classroom management, today announced that after two months of
negotiation with Alternative Capital Group Inc. ("ACG"), the letter
agreement dated November 18, 2016 related to the secured
credit facility of up to $4 million was terminated.
The Company is currently reviewing its options and remains
focused on finding alternative proposals to finance its ongoing
operational needs and execute on its business plan. Other options
include finding a potential acquirer or partner with a view to
merge with or acquire the Company or its assets. There can be no
assurance that EXO U's review of alternatives will result in
any specific transaction or that EXO U will be able to manage
its liquidity position and continue operating its business in the
near future.
Mr. Jim Kirchner, CEO of EXO U,
stated, "We are very disappointed that the outcome of our
negotiations with ACG did not result in an agreement that would
have been in the best interests of our company. We will continue to
review our alternatives going forward and will update our
shareholders when the circumstances so warrant."
About EXO U
At EXO U, we believe that people learn
best with instructional technologies that support and don't
interrupt the momentum of teaching, learning, and
collaboration—whether they are learning in person, remotely, or
across an evolving device landscape. That's why our web-based
whiteboarding and classroom management solutions for educational
institutions and corporations work on any device with any OS,
anytime and anywhere, solving important mobility issues such as
security, privacy, real-time collaboration, and management of
application and content. EXO U's shares trade on the TSX Venture
Exchange under the ticker symbol EXO.V. For more information about
Ormiboard, visit Ormiboard.com and follow us on Twitter
@ormiboard.
Cautionary Note Regarding Forward-Looking
Information
Certain statements included herein, including
those that express management's expectations or estimates of EXO
U's future performance or future events, constitute
"forward-looking information" within the meaning of applicable
securities laws. Such forward-looking information and statements
are often, but not always, identified by the use of words such as
"plans", "expects", "estimates", "intends", "anticipates", or
"believes", or variations of such words and phrases (or the
negative form thereof) or statements that certain actions, events
or results "may", "could", "would", "might", or "will" be taken,
occur or be achieved. Forward-looking information is necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management at this time, are inherently
subject to significant business, economic, regulator and
competitive risks, uncertainties and contingencies that could cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information, including, but not limited to, the Company's review of
alternative financing proposals or transactions, and the Company's
ability to manage its liquidity position and to continue operating
its business. For additional information with respect to certain of
these and other assumptions and risk factors, please refer to EXO
U's management's discussion and analysis for the year ended
March 31, 2016, available under EXO
U's profile on SEDAR at www.sedar.com. Forward-looking information
contained herein is presented as of the date of this news release
and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results, except as may be required by applicable
securities laws. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers are cautioned not to place undue
reliance on these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE EXO U Inc