TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) — AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) announced today that it has sent a notice of indemnity to Claude Theoret, Barry Watson, Nexen Partnership and Environics Research Group Limited (the “Indemnifying Parties”) in connection with alleged breaches of certain representations and warranties of the Indemnifying Parties in favour of Datametrex in the share purchase agreement to acquire acquire 9172-8766 Quebec Inc.(“Nexalogy”) dated September 27, 2017 (the “Share Purchase Agreement”).
Datametrex acquired all of the shares of Nexalogy on November 20, 2017. Management believes that certain representations and warranties of the Indemnifying Parties in the Share Purchase Agreement were inaccurate at closing and Datametrex is seeking to be indemnified for damages resulting from the alleged breaches of representations and warranties.
As part of the acquisition of Nexalogy, Datametrex agreed to assume certain loans owing by Nexalogy to the Indemnifying Parties (the “Loans”). Earlier this year, Datametrex suspended all payments in respect of the Loans.
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About Datametrex
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com).
For further information, please contact:
Jeff Stevens – President
Phone: (416) 482-3282
Email: [email protected]
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
