NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Reklaim (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim"), the destination for consumers to access and reclaim their data, announces it has entered into a non-binding letter of intent to purchase the assets of Multimedia Lists, Inc. (“MML”), a data broker currently operating in the United States (the “Transaction”). MML is a cash flow-positive company and is expected to immediately double the monthly revenue of Reklaim when the Transaction closes.
The Transaction remains conditional on a number of customary factors, including, but not limited to, entering into a definitive agreement, final approval of the TSX Venture Exchange, and Reklaim being satisfied with its due diligence investigation of MML. Reklaim expects the transaction terms to be structured based on a multiple of MML’s EBITDA and will also include a performance earn-out over a four-year term with payment consisting of a combination of cash and stock and dependencies on hitting specific EBITDA goals.
"MML has several Fortune 500 clients that complement the existing clients and distribution of Reklaim,” said Reklaim CEO Neil Sweeney. “As privacy legislation and technology changes are putting the onus on data companies to ensure the data being offered to clients is compliant, partnering with Reklaim will help MML retain and grow their client base. As we have previously communicated to the market, we have identified a unique opportunity to amalgamate data companies that lack the tools to maintain consent with consumers, and we are excited to accelerate this strategy over the coming quarters.
About Reklaim Ltd.
Reklaim is driven by consumer data and the evolution of privacy. Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold for years without the consumer's explicit consent. Reklaim enables consumers to take back control of this data by setting up a Reklaim account through which, should they choose to, they can be compensated for their data or protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com.
For further information, please contact
Ira Levy, CFO
1-855-908-DATA
E: investorrelations@reklaimyours.com
Investor Relations:
Sean Peasgood, Sophic Capital
1-647-977-9822
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.
Forward-Looking and Other Cautionary Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include statements based on current expectations involving several risks and uncertainties without limitation and are not guarantees of Reklaim’s future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current
expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: Reklaim’s ability to obtain TSX Venture Exchange approval for the acquisition of MML; Reklaim’s ability to close the acquisition of MML; the total consideration required to acquire MML may vary and may be higher than anticipated; MML’s ability to remain cash flow positive; Reklaim’s ability to effectively integrate MML’s business and double its revenue immediately following closing of the acquisition of MML; the effects of changes in privacy laws governing data brokers and other privacy businesses, including but not limited to effects on revenue and compliance; expectations regarding current and future trends in the privacy market and business landscape; Reklaim’s ability to execute on its strategic plan; the effects of changes in Apple’s privacy policy, the removal of certain third-party cookies from Google’s browser, state-level privacy changes and other developments affecting the privacy industry and companies; the uncertainty surrounding the spread of COVID-19 and the impact it will have on Reklaim’s operations and economic activity in general; and the risks and uncertainties discussed in Reklaim’s most recent annual and quarterly reports filed with the Canadian securities regulators and available on Reklaim’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Reklaim does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
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