TORONTO and TAMPA, Fla. , Oct. 14, 2021 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company“), a technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that, further to the news release issued on September 28, 2021, it has completed the acquisition (“Acquisition”) of RealWealth Technologies LLC (“RealWealth”). With the Acquisition now complete, RealWealth will be repositioned as VoxturWealth.
RealWealth has developed a proprietary, investor-centric digital platform intended to change consumer behavior through the democratization of data, content, tools, and fiduciary support. From management of home service contracts and vendors to the prevention of financial elder abuse through an encrypted asset documentation repository, each aspect of the client’s real estate investment will be transparent and verified. At every step, homeowners and their trusted advisors will be empowered by data driven tools to make better, more confident real estate decisions.
Total consideration for the Acquisition consisted of five million common shares in the capital of Voxtur (each, a “Common Share“) with an aggregate value of approximately $4,200,000. Three million Common Shares were issued upon the closing of the Acquisition and a further two million Common Shares will be held in escrow and released upon the achievement by RealWealth of certain EBITDA targets.
RealWealth was founded by Ross McCredie, founder of Sotheby’s International Realty Canada, and architect of the sale of Pacific Union to Compass, forming the largest independent real estate brokerage in the United States.
In concert with the experience and innovative technologies of other Voxtur companies like ANOW and Voxtur Valuation, VoxturWealth will empower real estate owners and their fiduciaries with unprecedented transparency and verified data to make better decisions.
“We see VoxturWealth becoming an invaluable industry resource. This acquisition and our work together are important benchmarks for our transition into a full-service real estate technology company,” said Voxtur CEO Jim Albertelli.
The Acquisition constituted an “Expedited Acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final approval by the TSX Venture Exchange. All references to currency in this release are reference to Canadian dollars.