VANCOUVER, British Columbia, Oct. 11, 2024 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce the completion of the acquisition of four technology companies from Pluribus Technologies Corp. (“Pluribus”) (TSXV: PLRB). The purchase is being made by a majority shareholder, which will be called Pender Software Holdings Ltd., which is held approximately 85% by Pender and 15% by Acorn Partners Inc.
The total target amount of the transaction is C$17.0 million, subject to changes in working capital, performance and other customary constraints. Four companies currently have positive cash flow.
The four tech companies that were acquired are:
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POWR Inc. (www.powr.io) – Founded in 2014 and headquartered in San Francisco (US), POWR is one of the leading web libraries that help eCommerce businesses convert website visitors -engage customers on platforms including Wix and Shopify.
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Rowanwood Professional Services Ltd.www.rowanwood.ltd) – Founded in 2017 and based in London (UK), Rowanwood provides property management equipment and energy management equipment specifically designed for the needs of housing providers in England, Scotland and Wales.
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Cranham Haig Ltd. dba CHL Software (www.docmoto.com) – Founded in 1996 and headquartered in Gloucestershire (UK), DocMoto provides secure document and email solutions primarily for law firms and legal departments in non-commercial industries. different.
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Assured Software Ltd. (www.assuredsoftware.com) – Founded in 1997 and headquartered in Vancouver (CA), Assured offers design work and work management software solutions for the restoration industry.
Following the acquisition, all four entities will continue to be led by their respective management teams. All parties will prioritize a seamless transition with minimal disruption to customers, employees and business operations. The new company structure will help focus on operational excellence with strategic support and access to capital from Pender and Acorn.
Pender and Acorn were advised on the sale by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO Canada LLP.
About Pender Growth Fund Inc.
Pender Growth Fund Inc. it is an investment firm. Its investment objective is to achieve long-term financial growth. Pender uses its financial position and long-term position to invest in niche markets, particularly small-cap, niche, and independent public and private companies. The firm invests in public and private companies, primarily in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, usually within five business days of each month. For more information, please visit www.pendegrowthfund.com.
About Acorn Partners Inc.
Acorn Partners Inc. is an investment and advisory firm based in Vancouver, BC. Acorn invests in profitable technology companies through long-term capital infusions with trusted investment partners. Acorn supports portfolio companies with strategic decisions and oversight while executives make operational decisions. For more information, please visit www.acorncappartners.com.
For more information, please contact:
Tony Rautava
Company Secretary
Description of shares of Pender Growth Fund Inc.
(604) 653-9625
Toll free: (866) 377-4743
Neither the TSX Venture Exchange nor its Management Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the Company’s business and the environment in which it operates. Forward-looking statements are characterized by words such as “believe”, “anticipate”, “plan”, “anticipate”, “intend”, “thera”, “will”, “may”, “estimate” and other expressions the same. These statements are based on the Company’s expectations, estimates, estimates and projections, and include, without limitation, statements regarding the Company’s portfolio risk mitigation and future investment opportunities. Forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the information form. the Company’s annual report available at www.sedarplus. .ca. There can be no assurance that forward-looking statements will prove to be accurate as actual results and results may differ materially from those described in these forward-looking statements. Therefore, readers should not place undue reliance on any such forward-looking statements. In addition, these forward-looking statements are made as of the date of this press release, and, except as required by applicable law, the Company undertakes no obligation to update or revise any statement or which is expected first, either because of new information. , future events or otherwise.
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