Sensor has entered into a non-binding letter of intent with EmersonGrow. Pursuant to the terms of the LOI, Sensor will acquire all of the issued and outstanding securities of EmersonGrow for an aggregate purchase price of $20 million. The Purchase Price will be satisfied through the issuance of an aggregate of 133,333,333 common shares in the capital of Sensor at a deemed price of $0.15 per share.
The closing of the Proposed Acquisition is subject to, among things, the successful completion of the Sensor's due diligence review of EmersonGrow and the execution of a definitive share exchange agreement between Sensor and the shareholders of EmersonGrow. The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
EmersonGrow is a high-tech Canadian lighting company specializing in LED grow lights for indoor growing and urban vertical farming. EmersonGrow intends to create an innovative and modernized indoor growing experience, in the meanwhile addressing the concerns of food safety, efficiency and productivity of indoor growing, and enhancing AI application in growing lifecycle.
Sensor develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature.
Sensor also announces that Bin Quach has resigned as a director of the corporation to pursue other opportunities. The corporation would like to thank Mr. Quach for his contributions to Sensor and wishes him success in his future endeavors. Mr. Alex MacKay has been appointed to the board of directors of Sensor.
Mr. Alex MacKay is a consultant assisting companies going public, raising funds and executing on their business plans. Mr. Mackay was a former investment advisor, branch member and options supervise for various investment firms. He has also served as an officer and/or director for various public companies.
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www.sensetekinc.com