VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) — Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to announce that it has entered into an agreement with FinFabrik Limited of Hong Kong (“FinFabrik”) to use reasonable commercial efforts to negotiate in good faith a definitive agreement (a “Definitive Agreement”) for a business combination in which Hunter would acquire FinFabrik.
FinFabrik has also agreed not to solicit, initiate or encourage offers from any third party to acquire an interest in FinFabrik during the negotiation period, ending December 31, 2020.
Founded in 2016, FinFabrik is a Hong-Kong based creator of purpose driven financial technology, powering institutions, professional investors and managed capital to thrive in a new era providing platforms to inaccessible markets. FinFabrik’s core application “CrossPool” supports a standardized digital lifecycle in both conventional and alternative assets, leading to broader participation and higher efficiency in complex markets.
In November 2020, Hunter agreed (through its Swiss development subsidiary, Digiledger Holdings AG) to engage FinFabrik to develop Hunter’s OilEx and OilExchange Platforms. In working together, the synergies between Hunter and FinFabrik have become more apparent to Hunter management and have led to a mutual desire to explore a business combination. FinFabrik will continue its development work through the negotiation period. To facilitate negotiations, Dr. Florian Spiegl and Mr. Alex Medana have resigned as Senior Vice-Presidents of Hunter.
About Hunter Technology Corp.
Hunter Technology Corp. is an oil industry service provider developing interactive platforms to enable the facilitation of physical oil transactions throughout the trade lifecycle, with more favourable economics for producers and access to a fair market for all. Through oilex.com, Hunter will operate a physical oil marketplace to facilitate the buying and selling of physical oil by independent producers to corporate consumers, traders and sovereign purchasers. And through oilexchange.com, Hunter will offer robust supply chain management tools that track physical oil throughout the supply chain and automate the reporting process.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
For further information, visit our website at www.huntertechnology.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information.
This news release contains certain statements which may constitute forward-looking statements or information regarding Hunter’s business development plans. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Hunter’s control, including execution risk, market risk, industry risk, the impact of general economic conditions and competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources, the ability of Hunter and FinFabrik to agree to terms for a possible business combination, if at all, Hunter and FinFabrik each conducting satisfactory due diligence reviews of the other, receipt of any required corporate and regulatory approvals, and closing of a possible business combination. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter’s Filing Statement dated October 21, 2020 and filed under the Company’s SEDAR profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.