Ackroo adds 101 location restaurant franchise to growing list of hospitality clients
OTTAWA, ON–(Marketwired – December 01, 2017) – Ackroo Inc. (TSX VENTURE: AKR) (OTC PINK: AKRFF) (“Ackroo” or the “Company”), a gift card, loyalty and rewards technology and services provider, today announced they have been selected by another multi-location restaurant franchise putting the total amount of hospitality merchant locations Ackroo supports at over 750. The Company’s continued focus on enhancing their platform to better support segments like hospitality which for Ackroo includes quick service and table service restaurants as well as hoteling merchants, has made it even more compelling for these merchant types to want to leverage the Ackroo platform and services.
“We are excited to continue to expand not only into hospitality but also the US market,” said Steve Levely, chief executive officer at Ackroo. “We have put great focus over the last few quarters on enhancing several aspects of our offering like our e-gift and promotional options to better support this segment. Displacing a competitor of ours in the US to earn this franchises business further validates our investment in this area and gives us confidence that we will continue to grow in this market in a very material way. We now support close to 700 hospitality merchant locations on our Ackroo Anywhere platform and are also adding 78 hospitality merchant locations from our recent acquisition of KESM/LoyalMark. Combined this represents almost 20% of our current total client base so a very important segment for us to continue to focus on and a segment that plays an important role in us achieving our goal of growing to 10,000 + locations by 2022.”
The Company is also pleased to announce that it has completed the acquisition of the gift card and loyalty rewards business operated by KESM Transaction Solutions Inc., and its U.S. affiliate LoyalMark, LLC. In consideration for the acquisition of the business, the Company has issued 35,800,000 common shares, and completed an initial cash payment of $100,000. A further cash payment of $100,000 is due on April 1, 2018. All common shares issued in connection with the acquisition are subject to a four-month-and-one-day statutory hold period. For further information regarding the acquisition acquired, readers are encouraged to review the Company’s news release of November 15, 2017.
Ackroo provides gift card and loyalty processing solutions to help retail and hospitality merchants of all sizes attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
These forecasts and forward-looking statements are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For information, please contact:
Chief Executive Officer
Tel: 613-599-2396 x730