QuantGate Systems Inc. (OTCQB: QGSI) (the “QuantGate” or “Company”), an Artificial Intelligence (“AI”), Machine Learning (“ML”) SaaS-based Fintech solutions provider is pleased to announce that it has entered into a non-binding letter of intent dated October 14, 2022 (the “LOI”) with CoinAnalyst Corp. (CSE: COYX) (FSE: 1EO) (“CoinAnalyst”) pursuant to which the Company and CoinAnalyst will enter into a business combination by way of a share exchange, three-corner amalgamation, merger, amalgamation, arrangement or other similar form of transaction (collectively, the forgoing with any related transaction, the “Transaction”) which will result in QuantGate and all of its subsidiaries and affiliates becoming directly or indirectly wholly owned subsidiaries of the CoinAnalyst (upon completion of the Transaction, referred to as the “Resulting Issuer”).
The Transaction will therefore result in a reverse take-over of CoinAnalyst by QuantGate whereby the existing shareholders of QuantGate will own a majority of the outstanding common shares of CoinAnalyst. The Resulting Issuer will be a technology issuer and its primary business will be that of QuantGate’s business.
The acceptance of the LOI will be followed by good faith negotiations of definitive documentation, including a definitive merger, amalgamation or share exchange agreement (the “Definitive Agreement”) among the parties setting forth the detailed terms of the Transaction, including the basic understandings set out in the LOI and such other terms and conditions as are customary for transactions of the similar nature and magnitude of the Transaction.
Source : Investing News