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Share Name | Share Symbol | Market | Type |
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The Futura Loyalty Group Inc. | TSXV:FUT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
The Futura Loyalty Group Inc. (TSX VENTURE:FUT) (the "Company") today announced that it has re-acquired the assets of the processing division (the "Processing Division") it had originally sold in December 2010 as described in a press release dated January 4, 2011. At the time the Company sold the Processing Division in December 2010, it also received an option to repurchase the Processing Division at a later date and it has exercised that right. The Company originally sold the Processing Division for $8,000,000, less transaction costs of $271,940 in an arm's length transaction and was comprised of $855,000 in cash and the remainder via promissory notes due December 31, 2018. The Company has now repurchased the Processing Division for the same price it sold it at, $8,000,000, plus transaction costs of approximately $15,000 in two arm's length transactions, one comprising of a purchase of assets from three individuals that held a 35% interest of the Processing Division for a total of $2,800,000, and the other comprising purchase of units in a limited partnership that held the remaining 65% interest in the Processing Division for a total of $5,200,000. A portion of the purchase price was satisfied via the Company issuing 17,100,000 common shares at a deemed value of $0.05 per share representing the difference between the purchase price and the amount outstanding on the promissory notes due December 31, 2018 which were previously received by the Company. All of the securities issued are subject to restrictions on resale until the date which is four months and one day after the closing date, as prescribed under applicable securities laws and the policies of the TSX Venture Exchange ("TSXV"). The acquisition was filed pursuant to rules of the TSXV as an Expedited Acquisition which has been accepted by the TSXV. After giving effect to the issuance of the common shares pursuant to the acquisition, an aggregate of 202,015,651 Common Shares are issued and outstanding. About The Futura Loyalty Group The Futura Loyalty Group Inc. is an industry-leading provider of integrated and stand-alone loyalty solutions for Canadian and American businesses. The company offers a comprehensive suite of loyalty products and services including access to Aeroplan in Canada and four top frequent flyer programs in the United States. Futura also develops custom programs for companies wishing to develop proprietary loyalty solutions. Futura's loyalty services include member account set up, management and reward redemption platform, a web-based program transaction reporting interface for merchants, a robust offer management system, retail POS Integration for card swipe issuance, loyalty analytics and a proprietary web based reward issuance solution. For more information regarding The Futura Loyalty Group, visit www.tflg.ca or www.futuraloyaltygroup.com. Forward-Looking Statements This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward looking statements are not historical facts, but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including any risks and uncertainties described herein, as well as the risks and uncertainties detailed in our final long form prospectus dated November 29, 2005 filed with the regulatory authorities. (R)Registered Trademark of The Futura Loyalty Group Inc. The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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