Key Takeaways:
- eXeBlock Technology Corporation has entered into a share exchange agreement with Aitenders to acquire all outstanding shares of Aitenders.
- The transaction is expected to result in a reverse takeover of eXeBlock by the Aitenders shareholders.
- Aitenders is a private company that has developed an AI-powered platform for tender response and contract management, with over $1.5 million in annual recurring revenue.
- The transaction is subject to various conditions, including regulatory and shareholder approvals, and is expected to be completed in the near future.
- eXeBlock will consolidate its outstanding shares and change its name to Aitenders Technologies Inc. upon completion of the transaction.
Introduction to eXeBlock and Aitenders
eXeBlock Technology Corporation, a company listed on the Canadian Securities Exchange, has announced that it has entered into a share exchange agreement with Aitenders, a private company based in France. Aitenders is a developer of an AI-powered platform for tender response and contract management, and has achieved significant success in the industry, with over $1.5 million in annual recurring revenue. The company’s platform is designed to centralize document analysis, proposal writing, and project execution into one cohesive system, reducing manual workload and minimizing risk across the entire project lifecycle.
About Aitenders
Aitenders was founded in 2019 and is headquartered in Saint-Étienne, France. The company’s platform is designed to serve public authorities, general contractors, and project-based organizations, and has been successful in reducing manual workload and minimizing risk across the entire project lifecycle. Aitenders has achieved significant success in the industry, with over $1.5 million in annual recurring revenue, and serves enterprise customers including three of the top five largest construction companies in both Europe and North America. The company’s founder, Geoffrey Guilly, is the principal shareholder of Aitenders, owning 69.17% of the issued and outstanding shares.
Summary of the Proposed Transaction
The transaction between eXeBlock and Aitenders is expected to result in a reverse takeover of eXeBlock by the Aitenders shareholders. Pursuant to the agreement, eXeBlock will issue 54,000,000 common shares to acquire all outstanding shares of Aitenders. The transaction is subject to various conditions, including regulatory and shareholder approvals, and is expected to be completed in the near future. Upon completion of the transaction, eXeBlock will consolidate its outstanding shares and change its name to Aitenders Technologies Inc.
Conditions and Concurrent Financing
The completion of the transaction is subject to various conditions, including the delivery of audited, unaudited, and pro forma financial statements, no material adverse changes occurring in respect of either eXeBlock or Aitenders, and the parties obtaining all necessary consents, orders, and regulatory and shareholder approvals. In connection with the transaction, eXeBlock will complete a concurrent non-brokered private placement of subscription receipts at a price of $0.5833 per subscription receipt, for minimum gross proceeds of at least $2,400,000. The proceeds of the concurrent financing will be used to fund expenses of the transaction, the expansion of Aitenders’ sales and marketing and product development teams, and the working capital requirements of the resulting issuer.
Forward-Looking Information
The transaction is expected to be completed in the near future, subject to the satisfaction of various conditions. eXeBlock and Aitenders believe that the expectations reflected in forward-looking statements are reasonable, but can give no assurances that the expectations of any forward-looking statements will prove to be correct. The actual results, expectations, achievements, or performance of each of eXeBlock and Aitenders may differ materially from those anticipated and indicated by these forward-looking statements, due to a variety of factors, including market conditions, general economic factors, and management’s ability to manage and operate the business.
Conclusion
In conclusion, the transaction between eXeBlock and Aitenders is a significant development in the industry, and is expected to result in a reverse takeover of eXeBlock by the Aitenders shareholders. Aitenders’ AI-powered platform for tender response and contract management has achieved significant success, and the company’s founder, Geoffrey Guilly, is expected to play a key role in the resulting issuer. The transaction is subject to various conditions, and the parties are working to complete the transaction in the near future. Upon completion of the transaction, eXeBlock will consolidate its outstanding shares and change its name to Aitenders Technologies Inc., marking a new chapter in the company’s history.
