Zim Corporation sells database technology assets – focuses on its bio-medical and other investment activities.
OTTAWA, June 5, 2020 /PRNewswire/ - Zim Corporation (OTCBB: ZIMCF), a provider of software products and services for the database and mobile markets, today announced the sale of its database technology business as part of management's plan to focus the business on its biomedical subsidiary NuvoBio. The database assets have been purchased by members of Zim Corporation's staff and will operate under the name Zim Databases Canada Inc. Deal terms of the acquisition were not disclosed.
Zim Corporation, which owns 100% of NuvoBio Corporation (established in 2016) as well as minority stakes in other technology investments, will focus on building shareholder value through it bio-medical subsidiary. The company plans to evaluate other strategic investments and commercialization opportunities in emerging healthcare & technology businesses.
"The sale of our Database business is a strategic step to focus 100% of our efforts on our biomedical subsidiary, NuvoBio," said Dr. Michael Cowpland, President and CEO of Zim Corporation, "We are very encouraged with the research results that NuvoBio is seeing with its development of cancer therapeutics. We intend to pursue our investment and commercialization activities with NuvoBio as well as other opportunities in biomed and emerging technologies."
ABOUT Zim Corporation
ZIM Corporation holding company with diversified investments in the biomedical research and emerging technologies field. The company's investments include research & development of novel cancer therapeutics as well as advanced materials used in 3D printing applications. For more information on ZIM Corporation, visit www.zim.biz.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, with respect to ZIM's use of its cash from operations. All forward-looking statements made in this press release relating to expectations about future events or results are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. New risks can arise and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date of this news release. We undertake no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this news release, other than as required by law. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at www.sec.gov.
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SOURCE ZIM Corporation