VANCOUVER, March 24, 2017 /CNW/ - Fireswirl
Technologies Inc. (TSXV: FSW) ("Fireswirl" or the
"Company") is pleased to announce that it has completed the
acquisition of 40% of the outstanding common shares
("Shares") of AMZON (HK) Limited ("AMZON") from the
sole shareholder (the "Vendor") in consideration for an
aggregate purchase price of HK$4.8
million (approximately C$800,000), pursuant to its previously announced
share purchase agreement dated February 3,
2017 (the "Agreement"). In accordance with the
Agreement, the Company expects to acquire an aggregate of 60% of
the outstanding Shares from the Vendor.
The Company has also appointed two (2) out of three (3)
directors to the board of directors of AMZON.
Fireswirl expects to complete the acquisition of an additional
10% of the outstanding Shares from the Vendor in consideration for
an aggregate purchase price of HK$1.2
million (approximately C$200,000) within 30 days and expects to complete
the acquisition of an additional 10% of the outstanding Shares from
the Vendor in consideration for an aggregate purchase price of
HK$1.2 million (approximately
C$200,000) within 30 days
thereafter.
Completion of the additional purchases of Shares by the Company
remains subject to customary closing conditions pursuant to the
Agreement.
AMZON is a private company incorporated pursuant to the laws of
the Hong Kong Special Administrative Region of the People's Republic of China. AMZON is in
the business of providing multimedia and interactive marketing
solutions, specializing in 3D visualizations, computer graphics and
digital design. It has also developed and deployed AR and VR
applications for customers in the property and sports segments. In
the property segment, AMZON VR and AR applications are mainly
deployed for sales and promotional use. In the sports segment,
AMZON has developed its owned branded VX System, which integrates
seamlessly with VR technology and indoor cycling applications.
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. Fireswirl's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Fireswirl's
solutions can be adapted to any industry seeking high volume or
micro-payment solutions involving a wide base of users through
internet or wireless applications.
This news release contains certain forward-looking statements
that reflect the current views, beliefs, assumptions and
expectations of Fireswirl with respect to its performance, business
and future events. Such forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause the
Company's actual results to differ materially from those projected
in such forward-looking statements. In particular, factors that
could cause actual results to differ materially from those in
forward-looking statements include: Fireswirl's expectations
regarding its ability to complete, and the anticipated results of,
the transaction with AMZON and the funds that will be available to
it upon completion of the transaction with AMZON. Although the
Company considers these beliefs and assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect. Although Fireswirl has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Fireswirl does not
undertake any obligations to update any forward-looking statements,
except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Fireswirl Technologies Inc.