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Uxbridge, Ontario --News Direct-- TrueNorth Quantum Inc.
Toronto, Ontario – TheNewswire - November 1, 2021 - TrueNorth Quantum Inc (formerly United Royale Group Holdings Corp. (OTC:URYL) is pleased to announce the closing of acquisition (the “Acquisition”) of TrueNorth Quantum Inc. ("TrueNorth"), the creator of the Northern Shield cloud platform for building institutional-grade decentralized applications for FinTech, MedTech, AgTech, and HealthTech. United Royale Group Holdings Corp. (the "Issuer") has completed a name change to TrueNorth Quantum Inc. which is pending regulatory approval and completion. On Friday, October 29, 2021, the Issuer acquired 100% of the issued and outstanding common shares of TrueNorth on the basis of 14 Issuer shares for every 1 common share outstanding of TrueNorth. The Acquisition was completed by the direct issuance of 9,053,338 common shares of the Issuer to Non-Canadian resident shareholders of TrueNorth and the issuance of 145,977,552 exchangeable shares (the “Exchangeable Shares”) of a wholly owned subsidiary of the Issuer. Each Exchangeable Share is exchangeable at this instance of the holder thereof, for 1 common share of the Issuer. All common shares of the Issuer issued under the Acquisition are subject to a 12 month hold period. Total number of issued common shares is 151,043,725.
URYL common shares are quoted on OTC Markets' OTCQB market.
About TrueNorth Quantum Inc.
TrueNorth Quantum Inc., (formerly United Royale Holding Group) is the creator of the Northern Shield, an innovative, scalable, institutional-grade cloud platform that enables the rapid build and scale of decentralized applications across multiple industries. The Northern Shield Platform-as-a-Service offers advanced data security protocols and workflow management, built on a flexible microservices ecosystem. As a development partner, True North Quantum seeks opportunities to accelerate innovation, including investment in disruptive technologies we believe will change the world. Our partner acceleration model, which offers application development services, rapid prototyping, transactional revenue pricing, and capital injection, enables industry disruptors to succeed, no matter where they are in their business journey.
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This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate," "project," "belief," "anticipate," "intend," "expect," "plan," "predict," "may," or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks:
- risks associated with marketing and sale of securities
- the need for additional financing requirements and access to capital, reliance on key personnel
- the potential for conflicts of interest among certain officers or directors with certain other projects
- the volatility of the volume and price of the Common Shares, the failure of the business strategy, the integrity of the Company's patents and proprietary intellectual property and competition.
The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, and other uncertainties and potential events, including the risk factors, set out in the Company's Listing Statement. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
View source version on newsdirect.com: https://newsdirect.com/news/united-royale-group-holdings-corp-completed-the-acquisition-of-truenorth-quantum-inc-828814788