TORONTO – VirtualArmour International Inc. (CSE: VAI; OTCQB:VTLR) reported that further to its press release of June 24, 2021, it has closed today the sale of substantially all of its operating assets (including the Company’s name) and certain operating liabilities to Evergreen Services Group. The Company has received the consideration of US$12,250,000, subject to adjustment for net working capital and less payment of taxes, debt, transaction expenses and other adjustments, from Evergreen Services Group and is expected to complete the distribution of the net proceeds to its shareholders within 90 to 120 days. The Company will also change its name.
As a result of the Asset Sale Transaction, the Company will be designated as an “inactive issuer” on the Canadian Securities Exchange. Following certain option and warrant exercises immediately prior to the closing of the Asset Sale Transaction, the Company’s issued and outstanding shares increased to 129,439,928 common shares.
We seek Safe Harbor.