Pushfor Investments Inc. Closes Acquisition of AFX Networks Inc.
SURREY, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Pushfor Investments Inc. (CSE: PUSH, OTC: PUSOF, FSX: 713) (the “Company” or “Pushfor”) is pleased to announce that it has closed the share and asset acquisition of AFX Networks Inc. - dba American Freight X-change - (“AFX”), a shipping and logistics Blockchain platform focused on the trucking industry, in consideration of 15,000,000 shares of the Company at a per-share price of CAD $0.10 and USD $250,000 paid in cash at the closing. The AFX shares were acquired from Professional Trading Services S.A., a privately held corporation.
The trucking industry is the dominant freight model for hauling goods within North America and is essential for a growing global economy. Transportation companies are excellent problem solvers; however, many of these companies operate with 20 or fewer trucks. They simply do not have the capital or means to develop digital platforms that can provide seamless communications and digital interactions within the numerous trucking companies across the continent.
The AFX platform is a 3rd generation dedicated Blockchain application and is designed to remove the risk and streamline key ‘pain points’ of the North American trucking industry by eliminating data redundancy, allowing immediate payment settlements, mitigating fraud, supporting digital identification, and providing end-to-end supply chain visibility.
Employing the AFX digital smart contracts, a structured and secure repository of all information of the goods, compliance requirements, and carriers provides ease of validation and immediate payment as products are moved from source to final destinations even through multiple shipping companies.
“We recognize that Blockchain technologies are set to revolutionize transactions for the accounting, banking, and financial world,” stated Michael Noonan, President and CEO of Pushfor Investments Inc. “We believe the innovative AFX platform will provide customers superior ease-of-use and seamless integration into the multibillion-dollar transactional shipping and trucking infrastructure.”
“We are very pleased that Pushfor Investments has acquired AFX Networks and its shipping and logistics Blockchain platform, they will bring an additional level of expertise in the cyber and security space to further enhance the platform.” stated Carlo Civelli, Director of Professional Trading Services S.A. “We look forward to supporting Pushfor and AFX in this and future endevours.”
Terms of Acquisition
The acquisition of 100% of the issued and outstanding shares of AFX, along with any and all of AFX’s tangible and intangible property, has been completed for an aggregate sum of approximately USD $1,450,000, payable as follows: the Company will remit the sum of USD $250,000 upon closing and will transfer 15,000,000 common shares of Pushfor to AFX valued at a per-share price of CAD $0.10, for a total share value of approximately USD $1,200,000. The acquisition was negotiated at arm’s length between the Company and Professional Trading Services S.A. There have been no finder’s fees paid in connection with the acquisition.
About AFX Networks Inc.
AFX is a freight logistics company that provides an integrated cloud platform ecosystem for various logistics verticals. The AFX proprietary network platform combines a seamless environment for our agents, customers and vendors to disrupt a fragmented industry sector.
About Pushfor Investments Inc.
Pushfor invests in both public and private companies in the technology space, along with various other cutting-edge solutions in Canada and the United States. The Company’s services involve giving investors a technology-based portfolio of the latest products in an integrated model as a cross-technology investment platform. The Company’s common shares trade on the Canadian Securities Exchange (“CSE”) under the symbol PUSH, in Europe on the Frankfurt Stock Exchange (“FSX”) under the symbol 713 and in the United States on the over-the-counter market (“OTC”) under the symbol PUSOF.
Cautionary Note Regarding Forward-Looking Statements
All statements contained in this press release about anticipated future events constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release, and Pushfor assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Pushfor with the securities regulatory authorities, available at .
On Behalf of the Board
Michael D. Noonan
Chief Executive Officer and Chief Financial Officer
For further information:
Tel: (604) 357-4730
Email:
pushinvesting.com
