SURREY, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Pushfor Investments Inc.(CSE: PUSH, OTC: PUSOF, FFT: 713) (the “Company” or “Pushfor”) is pleased to announce that it has entered into a capital contribution agreement (the “Agreement”) with Education Revolution LLC (“EdRev”), a U.S. based provider of the award-winning Socrates Learning System. Pursuant to the terms of the Agreement, the Company will acquire approximately fifteen percent (15%) equity interest in EdRev.
EdRev’s award-winning Socrates Learning Platform is a comprehensive multistage and multilanguage Educational Technology (“Edtech”) learning platform that bridges the home and classroom learning experiences and develops individualized learning paths for students across thousands of educational categories.
“The pandemic has created new challenges for our education system as well as amplifying existing ones. Making up for lost classroom time and increasing gaps in student capabilities will require a new generation of tools that engage students while providing teachers and parents with actionable feedback on the active progress of the student,” stated Education Revolution’s President and CEO Brian Rosenberg. “Our partnership with Pushfor will help us to bring the next generation to the market as well as expand the scope of our educational content”.
Socrates provides an adaptive platform that connects home and classroom learning experiences and develops adaptive and customizable learning paths for children across a wide array of educational categories. The platform provides a vast and growing range of academic content and is already used in homes, elementary and middle schools. This dynamic platform was awarded a grant by the U.S. National Science Foundation for its unique and innovative solution offering significant societal benefits to students and educators.
Terms of Agreement
Pursuant to the Agreement, Pushfor will acquire approximately a fifteen percent (15%) equity interest in EdRev in consideration of (i) a cash contribution of USD $200,000 payable on January 1, 2022; and (ii) the issuance of five million (5,000,000) common shares in the share capital of the Company at a per-share price to be established in accordance with the ten (10) day volume-weighted average price (VWAP) of the Company’s listed shares as of today’s date, for a total approximate share value of USD $350,000. The shares to be issued as consideration of the Agreement will be subject to a customary four (4) month hold period. Closing of the Agreement is set to occur on January 1, 2022, and is subject to the satisfaction of customary closing conditions.
The agreement was negotiated at arm’s length between the Company and EdRev.
Termination of Term Sheet with Education Revolution LLC
The Company also announces that the non-binding term sheet with EdRev, previously announced on September 8, 2021, has been terminated. In connection with the term sheet and the proposed acquisition of 100% of the issued and outstanding common shares of EdRev that has been terminated, the Company provided EdRev with a USD $100,000 loan by way of a promissory note that will apply against the cash contribution of USD $200,000 payable as consideration of the Agreement.
About Education Revolution LLC: Education Revolution, named a top 10 startup in Las Vegas, was awarded a Small Business Innovation Research grant from the National Science Foundation. The Socrates Learning System personalizes learning for any learning topic while making learning fun, challenging, and engaging. Socrates includes powerful features allowing educators and parents to understand where students may need help and to help them on their learning journey.
About Pushfor Investments Inc: Pushfor invests in both public and private companies in the technology space along with various other cutting-edge solutions in Canada and the United States. Our services involve giving our investors a technology-based portfolio of the latest products in an integrated model as a cross-technology investment platform. Our common shares are listed for public trading on the Canadian Securities Exchange, the U.S. over the counter market, and Germany on the Frankfurt exchange. (CSE: PUSH, OTC: PUSOF, FFT: 713)
Cautionary Note Regarding Forward Looking Statements
All statements contained in this press release about anticipated future events constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Pushfor assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Pushfor with the securities regulatory authorities, available atwww.sedar.com.
On Behalf of the Board
Michael D. Noonan
Chief Executive Officer and Chief Financial Officer
For further information:
Tel: (604) 357-4730
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