The company’s Vertical Intelligence software and services helps the world's biggest companies, including Fortune 500, convert their Big Data into smarter decisions

Q1-23 Adjusted Revenue $13.7M and $6.2M Gross Profit

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Message: Nowvertical Group acquisition of Allegient Defense

The TSX Venture Exchange has accepted for filing documentation relating to a stock purchase agreement dated Dec. 20, 2021, between the company and the sole shareholder of Allegient Defense Inc. (the target), a United States-based government defence contractor providing systems engineering and technical assistance support to the Department of Defense through data analysis and assessment of cutting-edge technologies. Pursuant to the agreement, the company acquired from the vendor all of the issued and outstanding shares of the target on April 6, 2022.

As consideration for the target's shares, the company paid the vendor an aggregate of $10.4-million (U.S.), satisfied by cash payments of $2-million (U.S.), the issuance of 600,000 subordinate voting shares at a price of $1 (U.S.) per share and the assumption of $3.8-million (U.S.) in indebtedness, which was subsequently refinanced. The vendor is also entitled, subject to achieving certain performance targets, to receive earnout payments of up to $4-million (U.S.) over a period of three years postclosing, payable in either cash or subordinate voting shares.

For more information, please refer to the company's news releases dated Dec. 21, 2021, and April 6, 2022.

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