NowVertical Signs New Contracts in the UAE and Announces Earnout in its Government Vertical
TORONTO, Aug. 08, 2023 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF), a vertical intelligence (VI) software and solutions company, is pleased to announce that it has secured five new customers in the United Arab Emirates, expanding its position as a pioneer in delivering vertically specific data, technology, and artificial intelligence (AI) applications globally. The new customers encompass a number of core industries and include a prominent French cosmetics company, a renowned healthcare consulting firm, an international offshore drilling contractor, and an innovative new start-up.
“Adding new customers in new geographic locations is a key strategic move and a testament to our commitment to global expansion and innovation. Each new customer we work with represents an opportunity to transform industries, drive economic growth, and create a positive impact on a global scale,” said Sasha Grujicic, CEO of NOW. “Our proprietary VI solutions are designed to transform AI investments into tangible value for our customers, enabling them to mitigate risks, accelerate their time to value, and optimize cost efficiencies. Together, we will revolutionize their market positioning and drive exceptional growth.”
Government Vertical Earnout:
In addition, NOW is pleased to announce that it has fulfilled its earn-out obligation for the Company’s financial year ended December 31, 2022, to the sellers and leadership of Allegient Defense, Inc. (“Allegient“), one of NOW’s business units servicing its public sector customers, with the issuance of subordinate voting shares in the capital of the Company (the “Subordinate Voting Shares“).
The vendors and the senior Allegient team will receive 694,945 Subordinate Voting Shares, subject to necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange. The earnout is in connection with the previously announced acquisition of Allegient on December 21, 2021, and April 6, 2022. Earnout share terms are referenced in the release issued on December 21, 2021.
“I am excited about the future of NowVertical and the tremendous opportunities ahead. Our partnership has been incredibly fruitful, and I am excited to be part of NowVertical’s team, supporting its continued growth and success,” said Dr. Angel Diaz, President of Allegient. “As a shareholder, I have full confidence in the Company’s vision and capabilities, and I look forward to contributing to its ongoing achievements in the vertical intelligence sector.”
“This announcement is a testament to the outstanding success and dedication of the team at Allegient in surpassing revenue targets in 2022,” said Sasha Grujicic, CEO of NowVertical. “It showcases the remarkable growth of our government vertical over the past year and emphasizes our shared commitment to rewarding and fostering mutually beneficial partnerships.”
The Subordinate Voting Shares will be subject to a statutory hold period of four months plus a day from the date of issuance, in accordance with applicable securities legislation. Additionally, the Subordinate Voting Shares will be subject to a contractual lock-up for 12 months following the date of issuance.
About NowVertical Group Inc.
NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications into private and public verticals globally. NOW’s proprietary solutions sit at the foundation of the modern enterprise by transforming AI investments into VI, enabling its customers to minimize their risk, accelerate the time to value, and reduce costs. NOW is rapidly growing organically and through targeted acquisitions. For more information about NOW, visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Glen Nelson, Investor Relations
e: [email protected]
t: (403) 763-9797
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate,” “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate,” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.