Tuesday, 04 September 2018 10:54 PM
(OTCQB:FOGCF) FogChain Corp. (“FogChain” or the “Company”) is pleased to announce that it has completed the acquisition of Quilmont Solutions, Inc., a profitable software development technology and solutions provider in a transaction valued at approximately $2,000,000 USD. The all-stock transaction closed on August 31, 2018. The company expects immediate revenue and cash flow from this accretive acquisition this quarter.
FogChain, a next-generation fully integrated software development, testing and deployment platform, provides developers with a suite of rapid development tools and resources for the creation of apps, smart contracts, mobile apps and decentralized apps (dApps). FogChain’s development platform, RadJav, includes a high performance blockchain, and can be used to build applications for the IoT, virtual reality, augmented reality, 3D imagery, gaming, and autonomous vehicle industries.
Quilmont, founded in 2006 and based out of Myrtle Beach, SC, is a software development solutions provider specializing in automated testing, Continuous Integration and Deployment (CI/CD), mobile and website development, and software quality assurance. Quilmont’s Test Case Manager is a patented, tool agnostic automated testing framework utilized across mobile, web, and desktop applications. Quilmont Solutions has served both government agencies and enterprise-sized clients such as Geico, Siemens, Vanguard, and Madison Square Garden (MSG) to name a few. Patrick Quilter, the president and founder of Quilmont, stated: “This acquisition is an incredible opportunity for us to fuse our standards-driven approach to automated testing with FogChain’s unified development platform. Their belief in us confirms that our skills and strategies are the right formula for testing next generation technologies. We’re very excited about what the future holds with FogChain and positioning ourselves to be a driving force in software development.” Patrick will be joining the FogChain executive team as Chief Strategy Officer and board member.
Karan Thakur has resigned from the board of directors of the Company, effective immediately. The Company extends its gratitude to Mr. Thakur for his contribution to the Company, and wishes him the best in his future endeavours.
The global software development and testing industry is a $500 billion market which continues to grow at a significant pace. In addition, the US alone accounts for approximately 42.6% of the global software development market. FogChain’s CEO, James Cerna, commented: “The increasing demand for new technology solutions in the software development and testing industry is growing, as is the need to create new frameworks to support an ever-changing landscape and new technologies like IoT, blockchain, autonomous vehicles, and augmented reality. The acquisition of Quilmont, including its patented technology, is a great fit for us, as it connects us to an incredible list of marquee clients, and enables us to deliver our end to end software development and testing platform to them.”
Terms of the acquisition included 4,920,000 shares of restricted common stock of FogChain valued at $.41 USD per share or $.53 CAD. Additional details are provided in the Company’s corporate filings.
About FogChain Corp.
FogChain is a fully integrated, end-to-end software development life cycle (SDLC) and quality assurance solutions provider. FogChain’s suite of services and technology provides application development at scale with greater speed, efficiency and at a lower cost. FogChain's Build-Once-Deploy-Everywhere software architecture provides developers with a suite of tools to build and launch exciting new applications in a unified environment. Led by a team of Cloud and SaaS veterans, FogChain is uniquely positioned to be a leader in the next super-wave of the $500 billion software development market. Learn more at www.FogChainInc.com
FogChain Media Contact:
Investor Relations
(415) 745-8650
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms and conditions of the Transaction; use of funds; and the business and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE FogChain Corp.