ProSmart Enterprises Inc. (“ProSmart” or the “Company”) announced on
December 14, 2018 and again on February 22, 2019 that it had entered into a
non-binding letter of intent with a private acquirer regarding the
potential sale of all or substantially all of the assets of the Company
(the “Potential Transaction”) which Potential Transaction, if consummated,
would represent a “Reviewable Disposition” as defined in Policy 5.3 –
Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture
Exchange (the “TSXV”). The Company also made clear in the announcement
that there could be no guarantee that the Potential Transaction would be
completed as proposed or at all.
The Company confirms that the Potential Transaction will not be
completed. Accordingly, the Company is no longer in business discussions
with that potential buyer.
In connection with the Potential Transaction, the Company’s common
shares were halted from trading by the TSXV effective December 14, 2018.
Following termination of discussions regarding the Potential Transaction,
the Company will apply to have the trading halt lifted by the TSXV. In
addition, the Company’s shares also remain under a cease-trade order issued
by the British Columbia Securities Commission on February 1,2019 (see press
release dated February 1, 2019). The Company is working to have the
cease-trade order revoked as soon as possible.
On behalf of ProSmart Enterprises Inc.
Co-Founder & Chief Executive Officer
About ProSmart Enterprises Inc.
ProSmart Enterprises Inc. (TSX-V:PROS) is the parent company of
SportgoTM, a global online network connecting sports fans, teams and brands
and is an emerging leader in sports content marketing through online tools
and mobile apps. SportgoTM works with over 1,500 governing bodies in more
than 100 countries and provides unprecedented access to the $1.3 trillion
sports market1 through its proprietary Marketplace Engine. SportgoTM is
also the first-and-only online network to provide educational content
created exclusively by hall-of-fame and professional athletes, which has
been a key driver in user growth.
1 Source: Plunkett Research. Ltd.
For more information on ProSmart and SportgoTM, please visit the
For further information please contact:
The shares of ProSmart Enterprises Inc. trade publicly on the TSX
Venture Exchange under the symbol TSXV:PROS.
“Neither 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.”
Forward-looking Statements: Certain statements in this press release
are “forward-looking statements” which reflect the Company’s current
expectations and projections about future events and financial trends that
it believes might affect its financial condition, results of operations,
business strategy and financial needs. In some cases, these forward-looking
statements can be identified by words or phrases such as “may”, “might”,
“will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”,
“seek”, “believe”, “estimates”, “predicts” or “likely”, or the negative of
these terms, or other similar expressions intended to identify
forward-looking statements. Whether actual results, performance or
achievements will conform to the Company’s expectations and predictions is
subject to a number of known and unknown risks, uncertainties, assumptions
and other factors, including without limitation, those risks and
uncertainties discussed elsewhere on the website at www.prosmartinc.com and
in the Company’s filings on SEDAR. Investors should not place undue
reliance on forward-looking information. The forward-looking information
contained herein is made as of the date hereof and is not obligated to
update or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.