Socati: Globalive Technology to Pursue Two-Party Reverse Takeover Transaction with Yooma Corp.

TORONTO, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Globalive Technology Inc. (TSXV:LIVE) (the "Company"), a technology company based in Toronto, Ontario, today announced changes to its proposed reverse takeover transactions with Socati Corp. ("Socati") and Yooma Corp. ("Yooma") under letter agreements with each of those parties dated June 3, 2020 (the "Socati Letter") and July 13, 2020 (the "Yooma Letter"), respectively. Those transactions and the letter agreements are described in greater detail in the Company's press releases dated June 4, 2020 and July 13, 2020."We have been working diligently with Socati and Yooma to advance our previously announced business combination and have made substantial progress towards completing due diligence and negotiating definitive agreements," said Anthony Lacavera, the Company's Chief Executive Officer. "After discussions with our transaction partners, however, we agree that it is in everyone's best interest to focus on completing the reverse takeover between Globalive Technology and Yooma as soon as possible." He noted that a subsequent business combination with Socati is one of several options that could continue to be explored once the transaction with Yooma is complete.The Socati Letter has been terminated, effective today.The Yooma Letter has also been amended, effective today, to remove any conditions or other terms relating to Socati's participation in the transaction contemplated by that letter (the "Transaction"). The other legal, business and economic terms of the Transaction, described in the Company's press release dated July 13, 2020, have not been changed.The Company will disclose additional information relating to the Transaction as soon as it becomes available, including any consequential amendments required to the Transaction structure, additional financial information relating to Yooma, the backgrounds of any person who may constitute an insider of the resulting issuer of the Transaction (the "Resulting Issuer"), and any other relevant information.The Yooma Letter is binding on the Company and Yooma, however, the parties are continuing to negotiate the more detailed, definitive agreements that will govern the Transaction. In the course of negotiations, material terms pertaining to the Transaction, including its structure, timing, the consideration payable by each party, any concurrent financing, closing conditions and other matters may be added, amended or removed with the mutual agreement of the Parties. The Company will provide an update on any material terms not already disclosed as soon as reasonably possible once ...Full story available on Benzinga.com