[June 27, 2016] |
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Aurum and Humavox Sign Agreement for Merger
Aurum, Inc ("Aurum") (OTCBB:AURM) is pleased to announce that it has
entered into a binding term sheet with the shareholders of Israeli
company Humavox Ltd (Humavox), a company that creates wireless charging
solutions. According to the term sheet, Aurum will acquire 100% of the
shares of Humavox and 100% of the warrants and options to acquire shares
of Humavox in exchange for the issue of shares of common stock of Aurum
representing, 50% of the shares of common stock of Aurum post issue on a
fully-diluted basis, including the investment of an amount of US$16
million in Humavox. The investment will take place in unconditional
installments over a period of 24 months following the closing. The
closing of the merger is subject to certain closing conditions,
including the investment in Humavox of the first installment of the
investment in the amount of $5.5 million.
The parties are using their best efforts to close the transaction within
90 days or earlier. Due diligence is being undertaken following which a
share sale agreement will be completed.
As part of closing, the board of directors of Aurum will be
restructured, and Omri Lachman, the CEO of Humavox, will be appointed as
Aurum's CEO.
Further details of the transaction will be made available in due course.
Further information on Humavox can be found at www.humavox.com
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant to
the "safe harbour" provisions of the Private Securities Litigation
Reform Act of 1995. Aurum or its representatives have made or may make
forward-looking statements, orally or in writing. Forward-looking
statements can be identified by the use of forward-looking words such as
"believe," "expect," "intend," "plan," "may," "should" or "anticipate"
or their negatives or other variations of these words or other
comparable words or by the fact that these statements do not relate
strictly to historical or current matters. Forward-looking statements
relate to anticipated or expected events, activities, trends or results
as of the date they are made. Because forward-looking statements relate
to matters that have not yet occurred, these statements are inherently
subject to risks and uncertainties that could cause Aurum's actual
results to differ materially from any future results expressed or
implied by the forward-looking statements. Investors are cautioned that
such forward-looking statements involve risks and uncertainties
including, without limitation, the risks of changes in the new and
rapidly evolving cyber threat landscape; failure to effectively manage
growth; fluctuations in quarterly results of operations; real or
perceived shortcomings, defects or vulnerabilities in Aurum's solution
or the failure of the solution to meet customers' needs; the inability
to complete the development of the product, acquire new customers or
sell additional products and services to such new customers to support
sustainable growth; competition from IT security vendors and other
factors; failure to enter into a potential financing transaction,
failure to up-list to a national securities exchange, failure to
otherwise satisfy any closing conditions, reaction to the proposed
acquisition by strategic partners and employees; the diversion of
management's time on issues relating to the proposed acquisition and
changes in the stock price of Aurum prior to closing. Actual results and
timetables could vary significantly. Aurum undertakes no obligation to
publicly update these forward-looking statements, whether as a result of
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160627005541/en/
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