Carl Data enters into securities exchange agreement with Astra Smart Systems

Carl Data Solutions Inc (CSE:CRL;FSE:7C5), a company focused on providing next generation information collection, storage and analytics announced that it has entered into a securities exchange agreement with Astra Smart.

Astra manufactures Industrial Internet of Things (IIoT) devices and runs a data center that can host over 1000 servers.

As quoted in the press release:

Pursuant to the Agreement, Carl Data has agreed to acquire (the “Acquisition”) all of the issued and outstanding shares of Astra from its shareholders (the “Shareholders”), for total consideration of (i) 9,300,000 common shares in the capital of the Company (approximately $1,581,000CAD at $0.17 per share), (ii) the payment of an aggregate of $300,000 in cash to the Shareholders within thirty days of closing and (iii) the payment of an aggregate of $300,000 in cash to the Shareholders within six months of closing.

Pilar Portela, founder and CEO of Astra, is expected to continue with her role and assist with the transition for one year following completion of the Acquisition. Portela stated, “Astra’s annual potential earnings have been carefully orchestrated through its various revenue streams. Focused on the three bases of E2E services for Industrial IoT clients, being Data Acquisition, Data Processing and Data Analytics, Astra builds products that help our clients augment their business intelligence capacity.  From safety and environmental sensors to process analytics and data modeling, Astra has grown through a profitable model almost from day one.”

Portela added, “Joining forces with Carl Data Solutions will enable our companies to expand, integrate and offer multiple E2E solutions to our industrial clients, scale our sensor manufacturing and assembly lines housed in our 45,000 square foot facility, and support client data processing needs in our one-megawatt data center.”

Greg Johnston, Carl Data’s President and CEO, commented “Astra is a fast growing, well-managed company with technology that is very complimentary to our products. Our business plan was always to supplement organic growth by acquiring innovative companies and help accelerate their expansion. Astra is a great example of a purchase that allows us to quickly bring our technology into new verticals where the target company is already established.”

“In addition to new revenue and customers, Astra employs a group of very talented people who have come a long way in a short time. We look forward to expanding Astra’s operations and integrating their technology into our list of products and services to accelerate our overall growth,” added Johnston.

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