10 Nov FINDEV ANNOUNCES SALE OF ITS GAMETREE TV BUSINESS AND THE APPOINTMENT OF A CFO TORONTO, CANADA
FINDEV ANNOUNCES SALE OF ITS GAMETREE TV BUSINESS AND THE APPOINTMENT OF A CFO TORONTO, CANADA – November 10, 2016 – Further to its announcement via news release dated November 1, 2016 concerning the second closing of its arm’s length brokered private placement of subscription receipts (the “Private Placement”) by Findev Inc. (TSX-V: FDI) (the “Company” or “Findev”) in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the “Proposed COB”), the Company is pleased to provide additional updates on the status of the Proposed COB. The Company is pleased to announce the appointment of Claude Ayache as the Company Chief Financial Officer. Mr. Ayache is a seasoned financial executive and CPA, CMA with more than 25 years of experience in various financial roles and has served on numerous private and public boards as well as non-for-profit organizations. The Company is also pleased to confirm that it expects to complete in the near future the previously announced sale of its GameTree TV business. The parties to the transaction have agreed to amend the purchase price and payment structure. Instead of a payment of US$125,000 plus 25% of the revenue generated from the business for seven months following the sale and a potential additional sum of US$50,000, all subject to certain conditions and contingencies, the amended price will be US$225,000, with US$50,000 payable on closing and US$175,000 payable over time and in any event by September 30, 2017. Completion of the Proposed COB remains subject to a number of conditions, including the completion of the sale of the Company’s GameTree TV assets and TSXV acceptance. The Company’s common shares are expected to remain halted from trading on the TSXV until completion of the COB.
On behalf of the Company,
Sruli Weinreb, CEO
(647) 789 – 5188
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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