BeWhere Holdings Inc. Announces Expedited Acquisition and Appointment of Board Member
Rhea-AI Summary
BeWhere Holdings (TSXV:BEW)(OTCQB:BEWFF) has announced the acquisition of a US-based IoT installation and logistics services company for USD600,000. The deal includes USD250,000 in cash and 690,141 common shares at CAD0.71 per share (USD350,000). The target company reported USD1.2 million in revenue and USD170,000 in net income (unaudited) for the trailing twelve months.
The acquisition will establish BeWhere's wholly-owned US subsidiary, enhancing its capability to provide local installation and logistics services to its growing US client base. The transaction awaits final TSX Venture Exchange approval.
Additionally, BeWhere appointed Peter Wilcox to its Board of Directors. Wilcox, currently Director of Technical Product Management at Bell Canada, brings extensive telecommunications expertise, particularly in 5G, IoT, and enterprise digital transformation.
Positive
- Acquisition adds USD1.2M in revenue and USD170K in net income
- Establishment of US subsidiary enhances service capabilities for US clients
- Strategic acquisition funded through mix of cash and shares, preserving capital
- Addition of board member with relevant industry expertise in IoT and 5G
Negative
- Share issuance of 690,141 shares causes minor dilution to existing shareholders
TORONTO, ON / ACCESSWIRE / January 8, 2025 / BeWhere Holdings Inc. (the "Corporation" or "BeWhere") (TSXV:BEW)(OTCQB:BEWFF) announces that pursuant to an arm's length agreement dated January 8, 2025, the Corporation has agreed to acquire
The acquisition will enable BeWhere to operate a wholly owned US subsidiary providing local Installation and Product Shipping / Logistics for a growing US client base in addition to servicing an existing client base.
The transaction is subject to final acceptance by the TSX Venture Exchange.
Appointment of Board Member
BeWhere is pleased to announce the appointment of Peter Wilcox to the Board of Directors. Mr. Wilcox brings a wealth of experience in the telecommunications industry, currently serving as Director of Technical Product Management at Bell Canada. His two-decade career has focused on leading high-performing product teams and delivering innovative solutions across a range of technologies including 5G, IoT, Private Mobile Networks, connected car technologies and internet and media services. His expertise in solving complex enterprise digital transformation challenges will be invaluable to BeWhere.
At Bell, Peter spearheaded the development of Bell's 5G developer program, accelerating business adoption of 5G through strategic partnerships. Peter holds an Honours Business Administration degree from the Ivey Business School at Western University and is a charter member of the Innovation North lab, dedicated to reimagining corporate innovation through systems thinking to create better business outcomes and a more prosperous, resilient, and sustainable future.
"We are happy to have Peter join BeWhere's board," said Paul Christie, Chairman BeWhere Holdings Inc. "We will benefit from his wealth of experience and knowledge in telecommunications, as well as his extensive background in product innovation and strategic and operational management."
"I am excited to join BeWhere on their Board of Directors," said Peter Wilcox. "Through my work at Bell in delivering 5G and IoT solutions for businesses, I understand that enterprises of all sizes are looking for ways to harness data and act on it in order to drive their businesses forward. I'm looking forward to contributing on the BeWhere board and provide strategic guidance on new and meaningful ways for BeWhere to deliver value for their customers.
About BeWhere
BeWhere (TSXV:BEW)(OTCQB:BEWFF) is a Mobile Internet of Things ("M-IoT") solutions company that designs and sells self-powered hardware with sensors and software applications. Our solutions serve two main markets: (1) Asset Tracking, consisting of remote location tracking various non-powered fixed and movable assets such as trailers, dry vans etc., and (2) Connected Sensors, to remotely track information on assets for water pressure, water detection and soil moisture. BeWhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. BeWhere also offers solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.
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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information contact:
Owen Moore, CEO
Office: 844-229-4373 ext. 102
Email: omoore@bewhere.com
SOURCE: BeWhere Holdings Inc.
View the original press release on accesswire.com
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