Vancouver, BC. September 07, 2022 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company, provides an update to the News Release issued on April 28, 2022 relating to its binding letter of intent with eBunch Data and Development Ltd. (the “Vendor”).
Upon completion of the technical, operational and financial due diligence of the Vendor, the Company and the Vendor have agreed to revised commercial terms relating to the sale of certain of the Vendor’s assets comprising its eBunch business to Marble (the “Transaction”).
Accumulate.AI Software Ltd. (the “Purchaser”), a wholly owned subsidiary of Marble, will acquire certain technology assets relating to the Vendor’s inventory management system for auto dealerships and related assets from the Vendor pursuant to an Asset Purchase Definitive Agreement for consideration of up to CDN$550,000 (the “Purchase Price”). The Purchase Price will be paid by the Purchaser as to: (i) $125,000 on closing, and (ii) an earn-out of up to $425,000 (the “Earn-Out”) equal to 33-1/3% of the net income of the acquired Vendor’s business realized during the eight successive quarterly financial reporting periods following the closing date (each, a “Financial Quarter”).
Subject to regulatory approval, the Earn-Out will be paid in the form of common shares of Marble issued from treasury, calculated based on the volume weighted average closing trading price (VWAP) of Marble common shares on the Canadian Securities Exchange for the five prior trading days ending three trading days prior to the end of each Financial Quarter. The Earn-Out shall cease and be of no further effect if the net income of the Vendor’s business is negative for two successive Fiscal Quarters during the Earn-Out period.
Marble is pleased to announce that Paul Lehal, the CEO of eBunch and the CTO of Konect.ai., will enter into a consulting agreement with the Purchaser and oversee the integration of Marble’s Connect API with Konect.ai’s 52 car dealer partnerships in Canada and 200+ car dealer partnerships in the United States, which forms part of Marble’s future expansion plans. Mr. Lehal will remain employed by the Vendor as the Purchaser will not acquire the Konect.ai. business.
The Transaction is subject to regulatory and corporate approvals and is expected to close on or before September 30, 2022.
About eBunch Data and Development Ltd.
eBunch is a full-service technology company providing a wide array of digital products and services, including mobile apps, online branding and marketing. For further information about eBunch, please visit: ebunch.ca
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0):
Marble’s proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the MyMarble Platform and through Inverite.
For further information about Marble, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: [email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words beliefs, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements do not guarantee future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Marble, are forward-looking and involve risks and uncertainties. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.