Transaction would result in company's shares trading on the Toronto Venture Stock Exchange (TSX-V)
Scottsdale, Arizona--(Newsfile Corp. - January 9, 2020) - IZON Network, Inc., also known as IZON Digital Media Network, (OTC Pink: IZNN) ("Company") is pleased to announce that it has signed a Term Sheet (TS) with Sceptre Ventures, Inc (TSXV: SVP.H) ("Sceptre"). The TS sets out the basic terms and conditions by which Sceptre will acquire a 100% interest in IZON by way of a reverse takeover ("RTO").
Sceptre is a Capital Pool Company and this transaction is intended to constitute a qualifying transaction as defined by the policies of the TSX Venture Exchange.
"We are very proud of the significant accomplishments in 2019 which have set the table for major revenue growth in 2020 and beyond. Taking this next step with Scepter should help IZON secure additional growth capital via our previously announced convertible note raise that will allow the Company to take immediate advantage of strong market demand for our products," said Tim Ummel, CEO of IZON. "Our team has built one of the most disruptive premium networks for the digital out-of-home space and now is the time for us to capitalize on the market demand we are seeing. We could not be more excited for what 2020 has in store for IZON."
In addition to completing the reverse takeover in Canada, the Company is also exploring its options to up-list in the USA from the Over the Counter Market to a globally recognized exchange.
IZON and Sceptre intend to execute a definitive agreement based on terms in the TS, subject to customary due diligence and any required board, regulatory or shareholder approvals.
The proposed transaction follows a very productive 2019 for IZON. Milestones, which were previously announced, include:
- Execution of a definitive agreement to acquire SoMo Audience Corp.;
- The launch of IZON VRE, which expands IZON's advertising inventory beyond tablets to include mobile phones present at golf courses;
- Rubicon Project, the global exchange for advertising, announced an integration with IZON's proprietary network;
- Adomni Marketplace, one of the fastest growing DOOH (digital-out-of-home) networks in the world, announced an integration with IZON to add IZON's tablets to its current inventory of 150,000 on-the-go digital screens; and
- IZON's board of directors approved a fifty to one reverse stock split.
"Sceptre is very pleased with the signing of the Term Sheet with IZON for both parties' benefit. After looking at multiple opportunities in which to utilize our CPC it became apparent that IZON Digital Media Network was a growth trajectory company that we wanted to partner and do a transaction with. We are looking forward to finalizing the qualifying transaction and years of success for IZON," said Mitchell Smith, President and CEO, Sceptre Ventures Inc.
About IZON Digital Media Network
IZON is an innovator in creating proprietary media & entertainment platforms for premium & niche marketplaces which reach highly targeted captive digital out-of-home audiences. IZON focuses its efforts on verticals where a premium user base already exists and can be engaged utilizing its digital media network. It's first solution has been created as the ultimate digital content and GPS platforms for golf. With a rich feature set for the golfer that include IZON Side Games, Tournaments and a proprietary Companion App courses are finding an entirely new way to provide additional value to their customers. At the same time IZON provides the golf course operator an entire Fleet Management, Agronomic and Operational suite of services to manage their course operations. In addition, IZON has created one of the most unique premium outdoor advertising networks as well with its proprietary Ad server, IZON REACH. Recently the newest vertical of focus was announced, IZON Ride. IZON Ride will provide solutions for the consumers inside of premium fleets of ride-share cars, luxury buses and existing black town car & SUV service vehicles.
For more information visit www.izonnetwork.com
Mitchell Smith - CEO Sceptre Ventures, Inc. / Mitchell@sceptreventures.com
Tim Ummel - CEO IZON / firstname.lastname@example.org
In connection with the transaction and pursuant to the requirements of the TSX-V, Sceptre will file a filing statement on its issuer profile on SEDAR, which will contain details regarding the transaction, the private placement, Sceptre, IZON and the resulting issuer. Completion of the transaction is subject to a number of conditions, including, but not limited to, TSX-V acceptance and, if applicable, pursuant to TSX-V requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
IZON, IZON Golf and IZON Network are trademarks of IZON Network, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of IZON Network, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond IZON Network, Inc.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. More information about the potential factors that could affect the business and financial results is and will be included in IZON Network, Inc.'s filings with OTC Markets Group and the Securities and Exchange Commission.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51292