PHILADELPHIA, Aug. 24, 2020 /PRNewswire/ — Integrated Ventures Inc (OTCQB: INTV) (“Buyer”) is pleased to disclose the execution of a Non-Binding Letter of Intent (“LOI”) to acquire assets of a privately-held, technology service provider (“Company”) and its wholly owned subsidiary, located in Indianapolis, Indiana.
The proposed all-cash transaction is conditional on the completion of standard due diligence, execution of employment agreements with key employees, and other conditions typical for transactions of this nature.
Under terms of executed LOI, the total consideration for the acquisition is $200,000 and consist of (10) initial cash payment of $120,000 and (2) $80,000, in 12 monthly installments.
As of fiscal year-end, December 31, 2019, the Company had generated unaudited revenues of $1.8. For first 6 months of 2020 and during Covid-19 pandemic, unaudited revenues have totaled $750k
The list of assets to be purchased consist of all the its brand(s) and trademarks, all websites and domain-names, all its phone numbers and e-mail addresses, all existing & pending contracts, all its work-in-process, current and pending purchase-orders, project pipeline, proposals, licenses & permits. Employees, all its client & supplier lists, and all the intangible & goodwill assets owned by the Company.
The Company has over (1) 50 active corporate clients, including Eli Lilly, Purdue University, Indiana University and major local hospitals, (2) operations in Indiana, Ohio, Michigan and Kentucky and (3) an extensive experience, servicing many business sectors, including healthcare, utilities, government, financial and telecommunications.
Support services and products for data center market include: (1) rack power installation and distribution (60 amp c13/c14 power monitoring and switching pdus), (2) data center containment solutions (hot and cold isles), (3) access flooring (increases air flow), (4) server and network rack cabinets and (5) testing and assembly stations.
Company’s wholly owned subsidiary is focused on ergonomic and technical furniture for corporate offices, plants and labs.
Steve Rubakh, CEO of Integrated Ventures, Inc, adds the following commentary: “Today’s announcement is our official launch of the previously disclosed roll-up business plan. Due to increasing demand for data hosting, including due to the current pandemic environment, integration and connectivity, reliable data centers operations are critical for present and future corporate infrastructures. In addition, Company’s data center expertise is a perfect strategic and complimentary fit with Integrated Venture’s cryptocurrency mining operations. We believe that there is a compelling opportunity for nationwide integration of such niche companies, that offer value-added services. We intend to pursue value-priced, revenue generating acquisitions with focus on accelerated revenue growth and increasing shareholder’s value.”
About Integrated Ventures Inc: The Company operates as a Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit the company’s website at www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company’s control.
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SOURCE Integrated Ventures Inc.