Pushfor Investments Enters Edtech Market With Acquisition of Education Revolution LLC
SURREY, British Columbia, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Pushfor Investments Inc. (CSE: PUSH, OTC: PUSOF, FFT: 713) (the “Company” or “Pushfor”) is pleased to announce that it has entered on August 31, 2021 into a non-binding Term Sheet (the “Term Sheet”) with Education Revolution LLC (“EdRev”), a U.S. based provider of the award-winning Socrates Learning System. Pursuant to the terms of the Term Sheet and subject to the execution of a definitive share purchase agreement (the “Share Purchase Agreement”), the Company will acquire 100% interest of EdRev (the “Transaction”).
EdRev’s award-winning Socrates Learning Platform is a comprehensive multistage and multilanguage Educational Technology (“Edtech”) learning platform that bridges the home and classroom learning experiences and develops individualized learning paths for students across thousands of educational categories. The international education community is challenged with teacher shortages, crowded classrooms, and limited interactions between students, parents, and educators.
“The Socrates solution, by increasing student engagement and interest, students feel more incentivized to succeed in their academic life. By providing immediate feedback to the student, frequent status and core competency issues to both parents and faculty, a more comprehensive list of the students’ needs are addressed,” stated Education Revolution’s President and CEO Brian Rosenberg.
Socrates provides a uniquely adaptive platform that connects home and classroom learning experiences and develops adaptive and customizable learning paths for children across a myriad of educational categories. This platform provides a vast and growing range of academic content and is already used in homes, elementary and middle schools. This dynamic platform was awarded a grant recognizing its unique and innovative solution that offers significant societal benefits to students and educators from the U.S. National Science Foundation.
“Pushfor is extremely excited about Educational Resources and Socrates, which we believe will generate substantial synergies providing revenue, cash flow, and earnings growth,” stated Michael Noonan, President and CEO of Pushfor Investments Inc.
Pursuant to the Term Sheet, Pushfor will acquire 100% of the issued and outstanding shares of EdRev in consideration of (i) USD $1,000,000 in cash payable; (ii) USD $2,000,000 in the common shares of the Company; and (iii) funding for operations, as needed, to operate, promote, and expand the Socrates Learning Engine. Pushfor will assume long-term debt of approximately $231,000 as part of the Transaction.
The Term Sheet was negotiated at arm’s length. A finder’s fee 2.5% is payable on the Transaction.
Closing and completion of the Transaction are subject to the satisfaction of certain conditions, namely the completion of a satisfactory due diligence by the Company, the execution of the Share Purchase Agreement, and obtaining regulatory approval.
About Education Revolution LLC: Education Revolution, named a top 10 startup in Las Vegas, was awarded an SBIR grant from the National Science Foundation. The Socrates Learning System personalizes learning for any learning topic while making learning fun, challenging, and engaging. Socrates includes powerful features allowing educators and parents to understand where students may need help and to help them on their learning journey.
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. Our services involve giving our investors a technology-based portfolio of the latest products in an integrated model as a cross-technology investment platform. Our common shares are listed for public trading on the Canadian Securities Exchange, the U.S. over the counter market, and Germany on the Frankfurt exchange. (CSE: PUSH, OTC: PUSOF, FFT: 713)
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 .
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