Ackroo: Ackroo Completes Sale to Paystone

HAMILTON, Ontario, April 01, 2025 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSXV:AKR, OTC:AKRFF) (the "Company" or "Ackroo"), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, is pleased to announce that it has completed its previously announced statutory plan of arrangement with Paystone Inc. ("Paystone") (please see news release dated December 13, 2024), pursuant to which Paystone, through its wholly owned subsidiary, Atom Growth Inc. ("Atom"), acquired all of the issued and outstanding common shares of Ackroo (the "Shares"), and has assumed all assets and liabilities of Ackroo (the "Arrangement"). The Arrangement Pursuant to the terms of the Arrangement, each holder of the issued and outstanding Shares immediately prior to the closing of the Arrangement ("Closing"), other than the Deferring Shareholders (as defined below), received $0.15 cash (the "Offer Price") for each Share held. In connection with the Arrangement, each holder of outstanding incentive stock options of the Company (the "Company Options") held immediately prior to Closing received an amount (if any) equivalent to the difference between the exercise price of the Company Options and the Offer Price. Upon Closing, all Company Options were cancelled. Steve Levely, the Chief Executive Officer of Ackroo, and another arm's length shareholder (together, the "Deferring Shareholders"), agreed to defer payment of the Offer Price, for the Shares they held immediately prior to Closing, for a minimum of twelve months following Closing. The Deferring Shareholders received, in lieu of the Offer Price, the equivalent principal amount in an unsecured subordinated promissory note of Paystone (the "Deferred Consideration"). In connection with the Arrangement, Mr. Levely has assumed the role of Chief Operating Officer of Paystone. As a result of the Arrangement, the Shares are anticipated to be delisted from the TSX Venture Exchange at market close on or about April 2, 2025, and the Company will apply to cease to be a reporting issuer in each of the applicable jurisdictions in Canada. "I am very happy for our shareholders, clients and staff that we were able to close on our sale to Paystone" said Steve Levely, CEO of Ackroo. "For our shareholders I am happy that during a time of economic uncertainly we were able to deliver a fair value on the business and provide liquidity for everyone in the process. For our clients and staff they will benefit from a much larger organization. Clients will have a larger team working to advance and support their business while staff will have even more career opportunities as part of a larger enterprise. A win for all. I personally also want to thank Eamonn Garry and Tyler Nelson, founders of Ackroo, who gave me an opportunity to work in the business with them and treated me more as a co-founder then an employee while I was VP for each of them. It helped prepare me for what ended up being a 10-year journey as a first time CEO. The personal and professional growth for me during this time has been incredible where I genuinely appreciate them opening that important door for me in my business career. I also want to thank our shareholders, board and staff both present and past that have supported ...Full story available on Benzinga.com