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ATW Tech Provides Additional Information Regarding Signature of a Letter of Intent for Major Acquisition of Greywolf Entertainment Group

MONTREAL, Nov. 16, 2018 (GLOBE NEWSWIRE) -- ATW Tech Inc. (“ATW Tech”) (ATW.V) has, as previously announced on November 6, 2018, signed a letter of intent for the acquisition from Fastrack Trust (the “Trust”) of all of the outstanding shares of 6855318 Canada Ltd. and 6890202 Canada Ltd. (“Greywolf Entertainment Group” or “Greywolf”). For the unaudited financial year ended December 31, 2017, Greywolf’s revenues were $10.0 million ($11.8 million in 2016) for a net income of $196k ($350k in 2016), with total assets of $2.5 million ($2.4 million) and negative shareholder’ equity of $914k ($759k).

Greywolf Entertainment Group, based in Calgary, provides turnkey full commercial production for interactive TV and/or voting networks required for such shows for landline and mobile consumers. Greywolf’s subsidiaries include Triton Global Business Services Inc. (“Triton”) and Fastrack Global Billing Networks Inc. (“Fastrack”). Triton is a North American clearinghouse that provide billing and networks for phone bills in North America and over 40 other countries. Triton has been listed in the top 300 technology companies from Canada several times. Fastrack is a North American inter-exchange carrier providing networks to its switch centers that intelligently routes consumer traffic to optimized billing or response solutions. Its network is designed to handle mass calling for both short and long periods of time, using its own robust backbone Standard Internet Protocol (SIP) networks to transport traffic anywhere in the world.

The letter of intent contemplates a purchase price of $2.95 million, which is subject to certain adjustments and payable through a cash payment of $2.0 million at closing, a vendor take-back note of $0.3 million payable in 30 equal monthly installments and $0.65 million worth of common shares of ATW Tech. No commission is payable and no change of control will result.

“We are proud to come to an agreement on this strategic acquisition of Greywolf that will help us consolidate our position in the Canadian carrier billing market, accelerate our growth, while almost doubling our revenues, and benefiting from significant cost synergies. Along with the divestiture of the Atman division completed on October 31, 2018, which represented 9.5% of ATW Tech’s revenues in 2017, this contemplated acquisition reflects our will and strategy to concentrate our activities in the financial technologies (“fintech”), particularly on our core integrated payment, interactive communication and voting platforms. This acquisition shall be the first step of our acquisition growth plan with an international reach expected for 2019” said Michel Guay, President and CEO of ATW Tech.

The closing of this transaction between ATW Tech and Greywolf, which are dealing at arm’s length, is conditional among other things on ATW Tech carrying out a satisfactory due diligence on Greywolf, obtaining satisfactory financing and all necessary regulatory approvals (including that of the TSX Venture Exchange). Closing of this transaction is expected before the end of 2018.

The Company also announces that a total of 900 000 share purchase options have been granted to a consultant of the Company at a strike price of $0.10 pursuant to the terms of its share option plan (the “Plan”) and expiring on November 15, 2023.

Forward-Looking Statements Disclaimer
Certain statements in this press release may be forward-looking. Such statements include those with respect to the closing of the acquisition of Greywolf and ATW Tech’s growth and acquisition strategy. Although ATW Tech believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the conditions for the transaction will be met, including a satisfactory due diligence by ATW Tech on Greywolf and ATW Tech securing financing on satisfactory terms, (ii) ATW Tech and the Trust will successfully negotiate and enter into a purchase agreement and other documents relating to the transaction, (iii) ATW Tech will successfully obtain the necessary regulatory approvals for the acquisition of Greywolf on commercially-acceptable terms, (iv) the acquisition of Greywolf will allow ATW Tech to achieve the anticipated cost synergies and (v) ATW Tech will successfully identify and conclude additional acquisitions outside of Canada in 2019. A description of other risks affecting ATW Tech's business and activities appears under the heading "Risks Factors and Uncertainty" on pages 9 and 10 of ATW Tech's 2017 annual management's discussion and analysis, which is available on SEDAR at No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that ATW Tech will derive therefrom. ATW Tech disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.

Additional information regarding ATW Tech is available on SEDAR

The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.


ATW Tech (ATW.V) is a leader in the financial technologies (“fintech”), owner of several web platforms including VoxTel, VuduMobile, and Bloomed. VoxTel offers various interactive communication and landline and mobile carrier billing phone solutions. VuduMobile is specialized the text messaging business for enterprises through its unique, user-friendly and bilingual test messaging application et turnkey solution allowing management of text message management programs in all kind of businesses. offers a large scale customizable and secured multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates. Bloomed is a cloud-based platform to manage data (smart data) on consumers and their behaviors which is developed for marketing agencies and their campaigns for the consumer and corporate markets.


ATW Tech Inc.
Michel Guay
Founder, president and CEO
Tel.: 514.985.2570 ext. 301
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
Tel.: 514.985.2570 ext. 304