Vancouver, British Columbia--(Newsfile Corp. - August 21, 2019) - Ynvisible Interactive Inc. (TSXV: YNV) (OTCQB: YNVYF) (FSE: 1XNA) (the "Company" or "Ynvisible") is pleased to announce that further to its press release of August 9, 2019, the Company has completed the acquisition (the "Acquisition") of all of the issued and outstanding shares of Consensum Production AB ("Consensum") pursuant to the terms of a share exchange agreement dated effective August 7, 2019 (the "Definitive Agreement") among the Company, Consensum and the shareholders of Consensum.
Pursuant to the terms of the Definitive Agreement and in consideration of the Acquisition, Ynvisible issued to the former Consensum shareholders an aggregate of 3,564,474 common shares of the Company (the "Payment Shares") at a deemed price of $0.474 per Payment Share. The Payment Shares will be subject to a statutory hold period expiring December 21, 2019 as well as a voluntary hold period until February 20, 2020 for 25% of the Payment Shares and August 20, 2020 on an additional 25% of the Payment Shares.
The Acquisition is intended to position Ynvisible as a leading provider of electrochromic printed display solutions for high volume applications. The combined entity will leverage Ynvisible's technical expertise, customer base and experienced management team, will establish high volume roll-to-roll printing of electrochromic displays, and will further expand its production and system integration capabilities of other printed electronic components and systems.
Jani-Mikael Kuusisto, the CEO of Ynvisible, commented: "We are happy to have Consensum now become a part of Ynvisible, to have a presence in Sweden, and further strengthen our production and tech transfer capabilities with this talented team. We look forward to further building relationships with Consensum's customers and partners."
Consensum is a contract manufacturer of printed electronics and hybrid systems. Consensum is located in Sweden in the city of Linköping and with active collaborations with partners in the neighboring city Norrköping. The Twin-city region has been a leading hub in printed and paper based electronics for over 25 years. Linköpings univeristet and applied research institute RISE (formerly Acreo) have a long history of research and development in printable electrochromics dating back to the 1980's.
Consensum's team and owners are tightly connected to this ecosystem. The team has accumulated over a decade of experience in roll-to-roll printing of different electronic components, including displays. The company operates a full-scale roll-to-roll production line and processes required for manufacture, converting and testing of printed electronics components and systems. Until now the focus has been that of a contract manufacturer of printed electronics and hybrid systems, and Ynvisible has been one of Consensum's clients.
About Ynvisible Interactive Inc.
Ynvisible is a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has experience, know-how and intellectual property in the field of electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products.
ON BEHALF OF THE BOARD OF DIRECTORS
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This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Ynvisible Interactive Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Ynvisible Interactive Inc. management on the date the statements are made. Except as required by law, Ynvisible Interactive Inc. undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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