NameSilo Technologies Corp. Enters Letter of Intent to Acquire 100% of Reach Systems Inc.
CSE: URL / OTC: URLOF
Reach designs and manufactures tether reels and smart winches used to deploy and manage cables/tethers for remotely operated vehicles ("ROVs"), camera systems, robotics, and other remote tools. It also offers underwater inspection cameras, IP cameras with high resolution, low‐light performance, and streaming video capabilities for applications like confined space inspections, subsea work, and remote monitoring. Additionally, the company provides accessories like cable counters, encoder wheels (for measuring cable lengths), field monitors, and full "turn-key" video inspection systems.
Under the terms of the LOI,
The purchase price of the transaction was determined by arm's length negotiations of the parties. None of the insiders of
Closing of the acquisition of Reach is subject to the parties entering into a definitive share purchase agreement, completion of due diligence of Reach by
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Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
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