Upco International Inc. Signs a Non-Binding Letter of Intent with its Second Telecom Target

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Vancouver, British Columbia--(Newsfile Corp. - November 13, 2019) - Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) ("Upco", the "Company") is pleased to announce that on November 5, 2019, it has successfully signed a non-binding Letter of Intent ("LOI") to acquire its second target in the telecom industry. The acquisition Target (the "Target"), name undisclosed at this time, is a Germany telecom company with extensive connections and business in Europe. Upco will pay a total consideration of EURO 4,150,000 (CAN$6,017,500) that includes cash consideration and earn out as follows: EURO 3,250,000 (CAN$4,712,500) ) in cash at closing and earn out of EURO 300,000 (CAN$435,000) in Upco stock at the end of the second quarter of 2020 at a price of CAN$0.29 per share and Upco stock in the amount of EURO 600,000 (CAN$870,000) Euros at the end of fiscal year of 2020 at a price of CAN$0.29 per share. With regards to Upco shares, the shareholders of the Target will not sell or transfer shares until January 1, 2021. Upco plans to raise funds in order to satisfy the cash consideration. The CAN$0,29 per share price was negotiated between the Target and Upco.

Upco will conduct further financial and operational due diligence as the next step of the process, which will be led by the Company's CFO, Ruy Ivaldi, in conjunction with Upco's US-based investment banking advisor, Bardi Co. LLC. Upon a successful due diligence process and definitive agreement, Upco will focus on integrating its UpcoPay eWallet into the growing Business to Consumer (B2C) mobile payments market.

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.



Andrea Pagani, CEO and Director

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49672

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).