On October 18, 2022, Konect NLP AI Inc. (“Konect”) completed the sale of its Autocarz technology assets relating to its inventory management system for auto dealerships and related assets to Marble Financial Inc. (“Marble”) for consideration of up to $550,000 (the “Purchase Price”). The Purchase Price payable by Marble to Konect is comprised of: (i) a cash payment of $125,000 on closing; and (ii) an earn-out of up to $425,000 equal to 33-1/3% of the net income of Konect’s business realized during the eight successive quarterly financial reporting periods following the closing date (the “Earn-Out”). The Earn-Out, if any, is payable in the form of common shares in the capital of Marble.
Konect is a digital marketing technology company that generates highly qualified leads for multiple industries. Konect has developed proprietary IP and AI driven technology to help internal teams reach their ideal customer base. This is achieved using targeted advertising campaigns across multi-channel platforms, which have been most successful within the automotive industry, where Konect’s expertise lies in combining creative concepts and high-grade strategy.
Further details regarding Konect and the acquisition can be found on Konect’s website.