AtmanCo Announces Signature of a Letter of Intent for the Acquisition of PlusMobile

AtmanCo (TSXV:ATW) has announced the signing of a letter of intent with the shareholders of PlusMo Group to acquire the outstanding shares of PlusMobile LLC and its subsidiaries.
As quoted in the press release:

PlusMobile is part of the PlusMo Group which is controlled by the Zipilivan family.
PlusMobile, founded in 2005, has its head office located in Buenos Aires (Argentina) with activities in Colombia, Uruguay, Mexico and Central America. PlusMobile offers premium products on mobile phones with carrier billing agreements in 6 countries of Latin America, including 9 direct connections and 16 indirect connections. PlusMobile’s quality contents offered include mobile apps in the business segments of education, kids, entertainment (games, sports, videos) as well as mobile marketing via SMS such as contests. PlusMobile’s products, licensed or in partnerships, include well-known brands such as Discovery from Discovery Channel. For their audited financial year ended December 31, 2016, PlusMobile’s sales were $US 4.7 million.
The agreement also includes the signature by AtmanCo of an exclusive distribution agreement in North America for the MovyPark Mobile Parking solution, an innovative and turnkey mobile application for parking space management already in in use in large cities in South America and owned by MovyPay, another business of PlusMo Group.
The letter of intent contemplates a purchase price of $US 2.5 million and is subject to certain adjustments. No commission is payable and no change of control will result.
“We are proud to come to an agreement with PlusMobile on this strategic acquisition that would allow us to expand the distribution network of our existing and future products by adding strategic carrier billing connections in Latin America in a fast growing carrier billing market. This geographic diversification will allow us to distribute their Spanish language products in new markets in America, notably in the United States. PlusMobile manages all over Latin America more than 1.2 million subscribers with a strong recurring business model which should to continue to build up our valuable database. Finally, this acquisition should allow us to improve the Company’s financial health and predictability and to consolidate further our leader position in the carrier billing,” said Michel Guay, President and CEO of AtmanCo.

Click here to read the full press release.