Sigma Additive Solutions (NASDAQ: SASI), a leading provider of quality assurance software to the commercial 3D printing industry, has inked a nonbinding letter of intent (“LOI”) with Florida-based NextTrip Holdings Inc., a travel technology company. The LOI outlines plans for Sigma to acquire 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock; the agreement also noted that additional shares of Sigma common stock will be exchanged upon the achievement of post-closing milestone earnouts tied to the business performance of NextTrip. According to the announcement, the agreement will provide the opportunity for NextTrip to become a publicly traded company on NASDAQ. The also announced that it has signed a second nonbinding LOI to sell intellectual property assets related to its additive quality-assurance product to a strategic buyer.
“With our focus on increasing shareholder value as we explored a variety of strategic alternatives, we believe a transaction with NextTrip provides a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services,” said Sigma Additive Solutions president and CEO Jacob Brunsberg in the press release. “The transaction would imply a solid valuation for Sigma and good positioning in public markets. As well, we have a clear path to add value from the sale of Sigma’s current assets in the business of process monitoring with our signed letter of intent from a strategic buyer to acquire the assets. NextTrip’s recently acquired scalable booking engine and platform offers numerous proprietary booking solutions allowing travelers to customize itineraries to meet their needs. We believe NextTrip’s leadership team is addressing a clear underserved demand for a differentiated and tailor-made approach in the online travel space. Our ambition is to allow NextTrip the ability to amplify its growth plans and expand its reach into new markets for the benefit of Sigma equity holders, while tying the issuance of additional equity to clear business objectives for NextTrip.”
To view the full press release, visit https://ibn.fm/hVzIv
About Sigma Additive Solutions
Sigma Additive Solutions is a leading provider of in-process quality assurance (“IPQA”) solutions to the additive manufacturing industry. Sigma specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D(R) for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies in real-time during the manufacturing process, enabling significant cost savings and production efficiencies by reducing waste, increasing yield and shortening cycle times. Sigma believes its software solutions may be a major catalyst for the acceleration and adoption of industrial 3D printing. For more information about the company, please visit www.SigmaAdditive.com.
NOTE TO INVESTORS: The latest news and updates relating to SASI are available in the company’s newsroom at http://ibn.fm/SASI
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