Logiq completes acquisition of Battle Bridge
- Strategic and synergistic transaction to increase market share and enhance growth opportunities
- Deal expected to be accretive to 2022 earnings; Supports LGIQ’s forecast for EBITDA run rate at break-even by the end of the year
NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) — Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning consumer acquisition solutions, today announced that it has completed the acquisition of certain assets of Battle Bridge Labs companies, including Section 2383 LLC (collectively, “ Battle Bridge”), a Tulsa, Oklahoma-based digital brand marketing agency, on schedule as previously announced on February 17 as a binding letter of intent.
Battle Bridge is a rapidly growing, leading provider of digital brand marketing services, including pay-per-click management, social media marketing, funnel building and optimization, SEO, web design,… conversion optimization and more. It is a certified partner of Google, Shopify, Bing ads, IMA, and has been featured in Forbes, HuffPo, Wix.com, and other top publications.
Logiq expects to record $3.8 million in Battle Bridge revenue with $1.4 million in EBITDA cash flow over the next 12 months beginning April 1. Structured as an asset purchase, Logiq purchased certain Battle Bridge assets, including customer lists and contracts, trade names and trademarks, software, proprietary technology and processes, and more for $3.25 million. of dollars. The purchase price consisted of $250,000 in cash and the issuance of $3 million in restricted common stock of Logiq which is subject to a six-month minimum lock-up with trailing gates for one year thereafter. Along with the transaction, Logiq employs many key Battle Bridge employees.
The transaction brings Logiq incremental revenue and expected accretive earnings while synergistically increasing its content creation resources and expanding its digital marketing expertise allowing both companies to scale their assets and operations to accelerate growth.
“Our first strategic deal of 2022 is extremely positive as we successfully execute our business plan to pursue strategic, EBITDA-accelerating acquisitions that reinforce our competitive advantages, allow us to capture market share and create cross-selling opportunities,” said Brent Suen, President and CEO of Logiq. “It’s an exemplary model of the types of transactions we’re actively working on for 2022.”
“All industries go through periods of consolidation,” Mr. Suen added. “With most small businesses hit hard by the pandemic, we see many well-run companies in our fragmented industry with attractive, low valuations whose best option for strong and sustainable growth is simply to gain scale through mergers. and acquisitions. Logiq has the expertise and vision to synergistically consolidate these undiscovered values.
Logiq Inc. is a leading US-based global provider of e-commerce and customer acquisition solutions by simplifying digital advertising. It provides end-to-end data-driven marketing through its results solution or by providing software to access data by activating campaigns across multiple channels.
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Important Cautions Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the Safe Port created by these sections. This press release also contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws that relate to Logiq’s current expectations and beliefs about future events. Any statement that expresses or implies discussions of expectations, beliefs, plans, goals, assumptions, or future events or performance (often, but not always, through the use of words or phrases such as ” will likely result”, “are expected”, “expects”, “will continue”, “is planned”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “plans”, “projection”, “strategy”, “target” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results will differ materially from those expressed in such forward-looking statements No assurance can be given that such expectations will prove to be correct and undue reliance should not be placed on any forward-looking statements included in this press release.
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those disclosed or implied by such statements. forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our products and services, the continued use and/or demand for our products and services, expectations regarding our revenues and the revenue-generating potential of our products. and services, our strategic partnerships and alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of addressable markets for our products and solutions, our business plans and strategies, including, without limitation, our ability to negotiate and successfully finalize a purchase agreement governing the terms of any such acquisition, the structure of the transaction, the timing of the transaction, and the valuation and success of the businesses after completion. ion of the transaction, if any, and other risks described in the Company’s prior notice ss releases and in its filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and any subsequent public filings, and filings made in accordance with Canadian securities laws which are available at www.sedar.com, including under the heading “Risk Factors” in the Company’s Canadian Prospectus.
Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or to assess the impact of each of these factors or the extent to which any one factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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