RND and Ackroo enter acquisition agreement
RND is to acquire Ackroo.
Rare Earth Industries (RND) has revealed it has gone into a definitive algamation agreement that will result in one of its wholly-owned subsidiaries merging with MoneyBar Reawards, which operates as Ackroo.
RND will also issue a $175,000 (£110,920) loan to Ackroo, as well as provide 38,015,317 post-consolidated RND shares to Ackroo's shareholders.
When the transaction takes place and the relevant contract negotiations have been completed, Ackroo will become one of RND's wholly-owned subsidiaries.
Ackroo assists small and medium-sized enterprises, corporate networks and independent retailers to improve their customer relationships and profitability by implementing customised reward and loyalty schemes.
Its headquarters are located in Ottawa, Canada, while its in-store and online royalty schemes can provide enterprises with the flexibility to customise their own customer-retention initiatives.
RND is expected to change its name to Ackroo following the transaction between the two brands, while its board of directors will be reconfigured to include Gregory Feller, Eamonn Garry, Tyler Nelson and Ron Frank.
Posted by Edel Quinn
Source: RND press release, July 24th