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SURREY, British Columbia, September 08, 2021 (GLOBE NEWSWIRE) – Pushfor Investments Inc. (CSE: PUSH, OTC: PUSOF, FFT: 713) (the “Society” Where “Push for“) is pleased to announce that it has concluded on August 31, 2021 in a non-binding Term Sheet (the”Conditions sheet“) with Education Revolution LLC (“EdRev“), a US provider of the award-winning Socrates learning system. As per the Term Sheet and subject to the signing of a definitive share purchase agreement (the”Share purchase contract“), the Company will acquire 100% of the interests of EdRev (the”Transaction“).
EdRev’s award-winning Socrates learning platform is a comprehensive, multi-level, multilingual education technology (“Edtech”) A learning platform that connects learning experiences at home and in the classroom and develops individualized learning paths for students across thousands of educational categories. The international education community faces teacher shortages, overcrowded classrooms and limited interactions between students, parents and educators.
“The Socrates solution, by increasing student engagement and interest, students feel more motivated to succeed in their academic life. By providing immediate feedback to the student, frequent status issues and basic skills to parents and teachers, a more comprehensive list of student needs is addressed, ”said Brian Rosenberg, President and CEO of ‘Education Revolution.
Socrates provides a unique adaptive platform that connects home and classroom learning experiences and develops adaptive and customizable learning paths for children across a myriad of educational categories. This platform provides a vast and growing range of academic content and is already in use in homes, primary schools and colleges. This dynamic platform received a grant recognizing its unique and innovative solution that provides significant societal benefits to students and educators of the US National Science Foundation.
“Pushfor is extremely excited about Educational Resources and Socrates, which we believe will generate substantial synergies delivering revenue growth, cash flow and earnings,” said Michael Noonan, President and CEO of Pushfor Investments Inc.
In accordance with the Term Sheet, Pushfor will acquire 100% of the issued and outstanding shares of EdRev in consideration of (i) USD 1,000,000 in payable cash; (ii) US $ 2,000,000 in common shares of the Company; and (iii) funding of operations, as needed, to harness, promote and extend the Socrates learning engine. Pushfor will assume long-term debt of approximately $ 231,000 as part of the transaction.
The list of conditions was negotiated at arm’s length. An intermediation commission of 2.5% is payable on the Transaction.
The closing and completion of the Transaction are subject to the satisfaction of certain conditions, namely the completion of a satisfactory due diligence by the Company, the execution of the share purchase contract and the obtaining of the regulatory approval.
About Education Revolution LLC: Education Revolution, named one of Las Vegas’ top 10 startups, received an SBIR grant from the National Science Foundation. The Socrates Learning System personalizes learning for any learning topic while making learning fun, challenging and engaging. Socrates includes powerful features to help educators and parents understand where students may need help and help them on their learning journey.
About Pushfor Investments Inc: Pushfor invests in public and private technology companies as well as various other cutting-edge solutions in Canada and the United States. Our services consist of offering our investors a technology-based portfolio of the latest products in an integrated model as a multi-technology investment platform. Our common shares are listed on the Canadian Securities Exchange, in the United States over-the-counter and in Germany on the Frankfurt Stock Exchange. (CSE: PUSH, OTC: PUSOF, FFT: 713)
Caution Regarding Forward-Looking Statements
All statements in this press release regarding anticipated future events constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, as they reflect the current beliefs of management and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. Forward-looking statements are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date of this press release and Pushfor assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding uncertainties and risks can be found in the disclosure documents filed by Pushfor with securities regulatory authorities, available at www.sedar.com.
For more information: Tel: (604) 357-4730 Email: [email protected] Web: www.pushinvesting.com
Source: Pushfor Investments Inc.