June 29, 2022

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Uniserve Announces Proposed Share Purchase Transaction

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Vancouver, BC, April 06, 2022 (GLOBE NEWSWIRE) — Uniserve Communications Corporation (the “Company” or “Uniserve”)(TSXV: USS) is pleased to announce that it has entered into a Letter of Intent dated as of March 2, 2022 to purchase all of the issued and outstanding shares of a leading Vancouver area based Private Cloud Solutions provider that is focused on the provision of hosted applications and virtual desktops. Additionally, the provider offers secure managed physical terminals to customers which provides peace of mind through hardware standardization and fixed monthly costs.

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“The acquisition of this Vancouver area based Private Cloud Solutions provider will further enhance the depth of cloud services being offered by Uniserve and further support the growth of our recurring revenue based service offerings. As businesses continue their shift to a hybrid working environment, secure virtual desktops continue to play an ever so important role into the future,” said Kelly Walker President and CEO of Uniserve.

The transaction is subject to the parties entering into a Definitive Agreement. On closing, the purchase price of such transaction is expected to be CAD $3,750,000, payable 75% in cash and 25% to be paid by the delivery of a convertible note expiring four years from the date of closing (the “Note”). The Note will be convertible into common shares of the Company at $0.25 per share during years one and two, and $0.30 per share thereafter to the date of expiration….

GlobeNewswire

2022-04-06 12:02:50

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