TORONTO and TAMPA, Fla., June 09, 2022 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible solution to the mortgage lending ecosystem, signed a purchase agreement on June 6, 2022 ( the “Agreement”) for the acquisition of all of the issued and outstanding shares of Municipal Tax Equity Consultants Inc. and MTE Paralegal Professional Corporation (collectively “MTE”) (the Acquisition”).
The completion of this arm’s length acquisition is subject to the receipt of all required regulatory, corporate and third-party approvals, including the approval of the TSX Venture Exchange (the “TSXV”), and is expected to close no later than late July 1, 2022.
MTE provides municipalities with tax finance software and technology services to ensure its clients maximize property tax revenues and mitigate future liabilities, optimize operations from emerging opportunities, and develop tax policy frameworks. property tax.
“The acquisition of MTE strengthens Voxtur’s footprint as a trusted source of expertise for municipalities seeking maximum efficiency,” said CEO Jim Albertelli. “MTE is a respected company in the market, and we look forward to integrating them with Voxtur’s industry-leading technology solutions and workflow management.”
Over the past five years, Voxtur’s Property Tax Analysis Software (“RPTA”) analysis tool has helped progressive Ontario municipalities add nearly $1 billion in assessed value to their assessment rolls and tens of millions of dollars in net property tax revenues have been generated for these municipalities, without increasing tax rates. MTE has been providing assessment base management to its many municipal clients across Canada for over 32 years. With the addition of MTE, Voxtur looks forward to equipping its advisors and consultants with this powerful and effective analysis software tool to bring new revenue to its customers.
As provinces emerge from the pandemic, municipalities across Canada will face unprecedented economic challenges. A stable valuation base with new revenue generated from undervalued properties will help mitigate these economic headwinds. The combination of Voxtur’s RPTA-supported MTE will allow municipal treasurers to maximize revenue from their tax base.
Financially, the acquisition will immediately add positive EBITDA to the company on a stand-alone basis and will be able to realize additional cost synergies by integrating MTE into Voxtur’s technology infrastructure.
“We are thrilled to be part of the Voxtur organization and look forward to all that we will accomplish together,” said Greg Powell, CEO of MTE. “We believe this was the right time to join forces as our clients are going through unprecedented times and experiencing stressed resources to manage new assessments and call workloads which represent their greatest source of revenue. The combination of our long history in the industry and Voxtur’s advanced technology will allow us to better serve our customers.
The consideration for the acquisition will consist of a maximum of $4,400,000 (the “Purchase Price”), to be paid in cash and common shares of the Company (“Common Shares”), subject to adjustment before closing, with $800,000 of the purchase price to be satisfied by the issuance of 808,080 common shares at closing, at a price of $0.99 per common share, and $500,000 of the purchase price to be settled by the issuance of common shares subject to an escrow period of 18 months following the closing of the Acquisition (the “Escrow Shares”), at a price of $0.99 per Escrow Share . The number of escrow shares to be issued after the escrow period is subject to adjustment. In addition, $500,000 of the cash portion of the purchase price will be subject to an escrow period of 18 months following the closing of the acquisition.
The completion of the acquisition should not have any impact on the financial forecasts previously published by the Company.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur is a transformational real estate technology company redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify tax solutions, property valuation and settlement services across the loan lifecycle for investors, lenders, government agencies and service providers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently assess assets, originate and service loans, securitize portfolios and assess tax valuations. The Company serves the real estate lending and property tax industries, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This press release contains forward-looking statements and forward-looking information (collectively, “Forward-Looking Information”). Any information contained herein that is not based on historical facts may be considered forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as of the date of this press release, and may be identified by the words “may”, “could”, “should”, “will”, “have the ‘intend’, ‘plan’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’ or similar expressions. Forward-looking information may include, but is not limited to: the closing of the acquisition and the expected timing thereof; final approval of the acquisition by the TSXV; MTE’s positioning and product offerings after completion of the acquisition; expectations regarding the effects of certain milestones or the Company’s ability to successfully achieve certain business objectives; the effects of unforeseen costs, liabilities or delays; success of software activities; expectations regarding other economic, business, environmental, regulatory and/or competitive factors relating to the Company or the real estate industry generally; expected future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical fact but rather reflects estimates or projections regarding future results or events based on management’s beliefs, assumptions and estimates believed to be reasonable as of the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Key factors that could cause actual results to differ materially from those projected in the forward-looking information include, but are not limited to: incremental costs related to acquisitions; changing global financial conditions, particularly in light of the global COVID-19 pandemic; dependence on specific key employees and customers to maintain business operations; competition within the Company’s industry; risk of technology failure or failure to implement technology upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on the forward-looking information contained herein.
This forward-looking information is provided as of the date of this press release and, accordingly, is subject to change after such date. The Company undertakes no obligation to update or revise this information to reflect new events or circumstances, except as required under applicable laws.
Common shares of Voxtur trade on the TSXV under the symbol VXTR and in the United States on the OTCQB under the symbol VXTRF
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