ALY AnalytixInsight Provides Corporate Update on Marketwall and Private Placement
Big Data analytics company, AnalytixInsight Inc. (the "Company" or "AnalytixInsight") (TSX VENTURE:ALY) is pleased to announce that further to its previous news release of March 3, 2016, the Company and Grupo Intesa Sanpaolo ("Intesa Sanpaolo") have executed a definitive agreement pursuant to which Intesa Sanpaolo has agreed to exercise their option to acquire a 33% share in the Company's mobile subsidiary Marketwall S.r.L ("MarketWall"). This agreement is a follow up to the recent announcement of significant progress in the multi-year strategic partnership with Intesa Sanpaolo, wherein MarketWall will be integrated with Intesa Sanpaolo's retail banking portals.
The licensing partnership with Intesa Sanpaolo is expected to provide a minimum revenue stream of CAD$2 million annually for 5 years (minimum CAD$10 mill over the period).As part of this initiative, MarketWall will provide a custom version of the MarketWall App to Intesa Sanpaolo's approximately 20 million retail customers and will also work with Intesa Sanpaolo to closely integrate the MarketWall App with Intesa Sanpaolo's retail banking portals.The commercial launch of the initiative is expected to be in January 2017 and on successful completion, the MarketWall App will provide a range of financial services through Intesa Sanpaolo's mobile platform.MarketWall will also extend its existing App to include trading functionality. This trading functionality will be fully integrated to Intesa Sanpaolo's banking platform in six countries where the partnership is exclusive - Italy, Slovakia, Slovenia, Croatia, Hungary and Serbia - and will be available for approximately 20 million customers.
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As a part of these initiatives, the Company is also pleased to announce that the previously announced non-brokered private placement (the "Offering") of 6,812,500 units ("Units") issued at a price of CDN$0.16 per Unit, raising gross proceeds of CDN$1,090,000 is now closed. The Offering was over-subscribed by 406,250 Units. A significant portion of this Offering was subscribed by management and directors. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one common share in the capital of the Company at a price of CDN$0.25 and the Warrants will have a term of twelve months from the time of the closing of the Offering. The securities underlying the Units, including the common shares and Warrants issued on closing, as well as the common shares issuable upon due exercise of the Warrants, will all be subject to a four month statutory hold period commencing on the date of issuance. |
