Sensor Enters into Letter of Intent to Acquire GreenInsightz Limited
Toronto, Ontario--(Newsfile Corp. - May 15, 2019) - Sensor Technologies Corp. (CSE: SENS) ("Sensor" or the "Corporation") is pleased to announce that it has entered into a non-binding letter of intent, dated May 9, 2019, (the "LOI") with GreenInsightz Limited ("GreenInsightz"), an arm's length party incorporated pursuant to the laws of the Province of Ontario. Pursuant to the terms of the LOI, Sensor will acquire all of the issued and outstanding securities of GreenInsightz (the "Proposed Acquisition") for an aggregate purchase price of $7.5 million (the "Purchase Price"). The Purchase Price will be satisfied through the issuance of common shares in the capital of Sensor.
The closing of the Proposed Acquisition is subject to, among things, the successful completion of the Corporation's due diligence review of GreenInsightz and the execution of a definitive share exchange agreement between the Corporation and the shareholders of GreenInsightz. The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange ("CSE") and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
About GreenInsightz Limited
GreenInsightz uses patented artificial intelligence and machine learning solutions for social discovery in the cannabis industry. GreenInsightz offers its clients analysis and solutions for audience discovery, brand reputation, marketing and communications on the basis of data drawn from social media that is analyzed with advanced proprietary techniques. In addition to social media discovery, GreenInsightz is a powerful tool for collecting, analyzing and reporting on all sorts of structured and unstructured data making it an ideal solution for growers collecting information from sensors, IOT analysis and patient data analysis.
GreenInsightz's technology is military grade intelligence that includes:
- Collection, filtering, analysis and reporting on structured (yield data, senor data) and unstructured (social media data).
- Retrieval and archiving of valuable social media information based that goes beyond simple traffic control.
- A patented semantic analysis approach that shows top concepts and conversations.
- Evaluate the effects and persuasiveness of influencers on social media in terms of resonance.
- Interpret and present visually the relations and links between "signals" and "noise" in data that are difficult to detect and measure.
- Use these analytics to aide clients in their strategic development initiatives, market research, evaluation of brands and trademarks, management of risks and social media outreach.
- Audience targeting for Twitter with superior conversion rates on ad spend.
- Identification and filtering of disinformation and propaganda on social media.
About the Corporation
Sensor Technologies Corp develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. The Corporation's FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.
Jay Vieira, President, CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note regarding Forward-looking Statements
This news release includes certain information and forward-looking statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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