Xigem Technologies Corporation (PK) (XIGMF) Quote

XIGMF one for 10 reverse split:

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Xigem Technologies Closes on Acquisition of Cylix Data

January 24, 2022

Acquisition of Business Intelligence Platform Marks Xigem’s Entry into the Big Data Market


TORONTO, ON, January 24, 2022 – Xigem Technologies Corporation (“Xigem” or the “Company”) (CSE:XIGM; FSE:2C1), a technology provider for the emerging remote economy, today announced it has completed the previously announced acquisition of the assets of 2747524 Ontario Inc. o/a Cylix Data Group (“CDG”) for aggregate consideration of $32.35 million (the “Transaction”). All dollar amounts are quoted in Canadian dollars unless otherwise noted.

The business risk profiling service asset underlying CDG (“Cylix”) has been used by hundreds of businesses including large blue-chip companies to improve their decision-making and productivity, manage risk and optimize their returns. Xigem will now advance the development of Cylix’s Artificial Intelligence functionality to further differentiate its offering in the marketplace in an effort to position Cylix to become one of the leading aggregators and originators of corporate and personal data.

“We are very pleased to complete the acquisition of Cylix’s innovative technology platform. Cylix is a very welcome addition to Xigem’s portfolio of SaaS assets, and marks Xigem’s entrance into the Big Data market,” said Brian Kalish, co-founder and Chief Executive Officer of Xigem.

Xigem will operate Cylix as a stand-alone business unit, with Cylix to become the technology platform supporting the Company’s other core technologies. Once integrated, Xigem’s new technology is expected to create a robust platform to capitalize on the growing multi-billion dollar Big Data market.

According to Research and Markets, the global market for Big Data was estimated at US$70.5 billion in the year 2020, and is projected to reach US$243.4 billion by 2027, spurred on in large part by the ramifications of the COVID-19 pandemic.1 The segment in which Cylix currently competes, the global fraud detection and prevention market, was estimated at US$19.8 billion in 2019 and is expected to grow to US$106.7 billion by 2027, exhibiting a compound annual growth rate of 24% during the forecast period.2


1 Age of Analytics Provides the Cornerstone for the Disruptive Growth & Proliferation of Big Data Technologies, Research and Markets, December 2020.

2 Fortune Business Insights, Fraud Detection and Prevention Market Size, July 2021.


Transaction Details

The Company has purchased substantially all of the assets of CDG (the “Assets”) for consideration of $32,350,000 (the “Transaction”), in accordance with terms consistent with the asset purchase agreement (the “APA”) executed on January 7, 2022. The Company has issued 64,700,000 units (the “Units”) at a deemed price of $0.50 per Unit, with each Unit comprised of one common share of the Company (a “Common Share”) and one-seventh (1/7) of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.60 for a period of 24 months. The securities issued under the Transaction are subject to contractual restrictions on trading, such that: (i) 50% may not be traded until the later of six (6) months after the closing of the Transaction and Xigem’s filing of the business acquisition report as required under securities regulations (the “BAR Filing”); and (ii) 50% may not be traded until the later of 12 months after the closing of the Transaction and the BAR Filing.

Following the completion of the Transaction, Xigem has 152,276,204 Common Shares issued and outstanding. On a fully diluted basis, the Company has 173,817,204 Common Shares outstanding, including the 9,242,857 Warrants issued in connection with the Transaction.

The recipients of the Units, comprised of the shareholders of CDG, have entered into support and voting agreements with Xigem, pursuant to which such recipients have agreed to vote any Common Shares that they then hold in favour of any matter put forth to the shareholders of Xigem by its then-current board for a period of two years, subject to early termination in certain circumstances. In addition, Xigem and an entity controlled by one of the principals of CDG (the “Manager”) have entered into a management agreement (the “MA”), under which the Manager will (i) fund $500,000 towards completion and commercialization of the next generation Cylix technology; (ii) fund additional development costs associated with Cylix until the earlier of Cylix meeting certain financial milestones or Xigem completing a subsequent financing; and (iii) substantially manage the operations of the Cylix business on behalf of Xigem.

The Company will appoint a nominee of CDG to its board of directors, and may also appoint an observer to its board of directors. Details of the board and observer appointments will be announced shortly.

The Company will disclose further details about the transaction and the Assets acquired in the BAR Filing expected to be filed with Canadian securities regulators by April 6, 2022. The BAR Filing will include audited financial statements relating to the Assets.


About Cylix Data

Cylix Data is a B2B business intelligence technology company whose software improves efficiency and increases productivity for business professionals through the supply of information required to implement risk-management and decision-making processes. The Cylix database AI conglomerates, amalgamates, and cross-references seemingly disparate information into a comprehensive customer profile report and score that can be easily understood. For more information, please visit www.cylixdata.com.


About Xigem Technologies Corporation

Established in Toronto, Ontario, Xigem is positioned to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers, and other organizations. iAgent, the Company’s patented technology, FOOi, its proprietary peer-to-peer mobile payments app, and Cylix, its business intelligence engine, will provide organizations, businesses, and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments, while the Company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.

www.xigemtechnologies.com

Instagram: @xigemtechnologies
Twitter: @XigemTech
Facebook: @xigemtechnologies
LinkedIn: www.linkedin.com/company/xigem-technologies

GLTA !

Little bit of buying coming in here pushing it green. Going to buy more myself but I have no clear funds until tomorrow. Crypto is booming right now.

Good afternoon

Saw that..very interesting play here..and closed strong yesterday..

Checking out the FOOi payment system and it resembles PayPal but will take crypto! wow!

Holding green all day today

The chart is finally turning our direction!

Loved the volume this week..looks ready to head north

Let’s see if we can get some movement today because the latter half of yesterday looked like we were going to start moving up again

Strong volume day again here..momentum looks to carry this higher

MacD and PSAR are both looking bullish on the 5 min chart

crypto is really starting to pick up steam.

I see 34,000 at .12 as top bidder on L2

Check out those bids in now!

Gotta love that ability to accept all forms of payment. It’s going to be the future of all business

Won't be long now. Crypto is starting to move up again so I expect any crypto related stocks to follow suit.

It would be nice to see that dip come to an end

Looks like the last of sellers have moved on..bidders just jumped current price

Great volume yesterday even though it was mostly sellers, longs will not regret holding here

$XIGMF News out yesterday is much bigger then I thought..take a look..
https://www.newsfilecorp.com/release/97759

$XIGMF ask continues to get slapped around as news is getting noticed..bids continue to move up the board

Huge dip opportunity on news!

Really amazing how thin this is! Load the dips is usually a smart thing!

$XIGMF Huge volume just came through..looks like loading the news!

Nice tight spread here..chart shows plenty of room to run..

Nice early volume..news still getting around

nice hits here to start on crypto news

Nice opening slaps on the back of that news

Love the news out!
https://twitter.com/QuabbinR/status/1442836123986837512?s=20

big time news out regarding crypto payments

https://finance.yahoo.com/news/xigem-technologies-add-cryptocurrency-payment-060000118.html

Big news out today. https://www.newsfilecorp.com/release/97759

Adding what I can here..buzz is picking up on social media

Strong volume day here yesterday..been building some momentum here..

nice push into close, almost closed HOD before EOD whack

Looks like we are waking up finally! There’s been so many others moving that lost track until I saw this volume

0.1650’s up again … I think loading anything under 0.20 is a gift. Come back in a couple months and tell me I wasn’t right

It is a good morning here! Look at the volume coming in

I agree 100% . With the float here this will really go too!

Smart group

A group is clearly loading

Good morning $XIGMF

Volume building daily, trading very cleanly, this is about to take off

HOD on ask!

.16's just got smoked

saw some emailers overnight, could see a pop today

Isn't the volume too low?

Excellent share structure here

Last float number on OTC markets is only 33 million shares … amazing share structure here. Could run quick

Agreed!

$XIGMF