SYDNEY: Hexima Limited (ASX: HXL) has entered a binding but conditional share sale agreement to acquire all the issued capital of Real Thing Entertainment Pty Ltd from the shareholders of RealThing.
RealThing has developed an artificial intelligence platform called AiSAP (Autonomous Intelligent Software Agent Platform).
AiSAP provides a new paradigm in user device interaction. Instead of asking questions, the user asks for an outcome communicating in natural language. AiSAP agents deliver that outcome in a changing and dynamic environment.
The first set of products, which are currently sold in the UK and USA markets, are assistive applications for the visually impaired.
Upon completion of the transaction, Hexima will become the holding entity (parent company) of RealThing and its corporate group, with RealThing’s business becoming the Company’s main undertaking.
The consideration payable comprises an aggregate of 789,743,000 fully paid ordinary HXL shares and 87,215,044 options to acquire fully paid ordinary HXL shares with a $0.02 (2 cent) exercise price
Hexima will also issue up to 25 million shares (on a current, pre-Consolidation basis, being up to 2.5 million shares on a post-Consolidation basis) to two RealThing shareholders to redeem two convertible notes with a combined face value of $500,000 issued by RealThing, with effect on and subject to completion of the transaction.
Mr Silvio Salom and Dr Michael Georgeff will be proposed for election as directors of Hexima, with effect on and from completion of the Transaction.
It is proposed that Mr Salom will take office as the Non-Executive Chairman of the Board, and Dr Georgeff will be a Non-Executive Director.
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