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Blok is an early-stage, venture backed technology company established in 2019 by
Pursuant to the Sale Transaction Sparx’s Canadian operating subsidiary,
It is also anticipated that an aggregate of 34,127,103 currently outstanding common shares of Sparx will be cancelled on closing of the Sale Transaction, pursuant to the terms of a Surplus Escrow Agreement dated
As consideration for the Sale Transaction, Sparx is expected to receive approximately 14% of Blok outstanding common units on a post-transaction basis, which is subject to increase upon the satisfaction of certain revenue related criteria.
The Sale Transaction is subject to a number of conditions, including: (i) completion of a
Sparx CEO,
Sparx intends to convene a meeting of its shareholders in late February to consider the Sale Transaction and related matters. Further details will be made available once finalized.
On behalf of the Board
CEO and President
For further information, please contact:
CEO and President
(403) 471-3503
Investor relations
ABOUT SPARX:
Sparx is an interactive media technology company whose principal activities are providing media companies and sports teams with technologies to engage audiences. The patented Sparx platform enables broadcasters, streamers, and video producers to engage viewers for longer, generate new revenue opportunities, and create lean-forward experiences for audiences eager to join the action. Millions of users can connect to the Sparx platform and interact simultaneously on their mobile phone, tablet, or computer anywhere in the world, in real time.
For more information about Sparx, visit the Company’s website atwww.sparxtechnology.com
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Forward-Looking Statements
Statements included in this news release, including statements concerning the Company’s plans, intentions, and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, the Sale Transaction. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s proposed completion of the Sale Transaction, and related matters, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning the Company, the Sale Tranaction or future developments, circumstances or results will materialize. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
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