VANCOUVER, June 1, 2017 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW) ("Fireswirl" or the "Company") is
pleased to announce that it has completed the previously announced
sale of its controlling interest in Beijing Xingchang Xinda
Technology Development Co., Ltd. ("XCXD") to, inter
alia, the shareholders of XCXD (the "Purchasers") in
consideration for an aggregate of 6,058,673 common shares of the
Company held by the Purchasers (the "Consideration Shares").
Fireswirl intends to cancel the Consideration Shares and return
them to treasury. Once the Consideration Shares have been
cancelled, Fireswirl will have 47,512,612 common shares issued and
outstanding. As additional consideration, the Company agreed to
settle XCXD's outstanding indebtedness to the Company and certain
of its subsidiaries in consideration for RMB
3,500,000 (approximately C$700,000).
"We are very excited in moving forward on executing our new
corporate expansion initiatives with the recent AMZON acquisition
in one of the fastest growing markets in the technology space,"
stated Lawrence Ng, CEO. "The
closing of the sale of XCXD interests will allow us to focus on new
markets and better serve our existing customer base in the
augmented reality and virtual reality space in Asia and North
America."
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is in the business of
providing multimedia and interactive marketing solutions,
specializing in 3D visualizations, computer graphics and digital
design. It has also developed and deployed augmented reality
("AR") and virtual reality ("VR") applications for
customers in the property and sports segments. In the property
segment, VR and AR applications are mainly deployed for sales and
promotional use. In the sports segment, Fireswirl has developed its
owned branded VX System, which integrates seamlessly with its VR
technology and indoor cycling applications.
This news release contains certain forward-looking statements
that reflect the current views, beliefs, assumptions and
expectations of Fireswirl with respect to its performance, business
and future events. Such forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause the
Company's actual results to differ materially from those projected
in such forward-looking statements. In particular, factors that
could cause actual results to differ materially from those in
forward-looking statements include: Fireswirl's intention to cancel
the Consideration Shares and return them to treasury and the number
of outstanding common shares following cancellation of the
Consideration Shares. Although the Company considers these beliefs
and assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. Although Fireswirl
has attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. 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 forward-looking statements. Fireswirl does
not undertake any obligations to update any forward-looking
statements, except in accordance with applicable securities
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Fireswirl Technologies Inc.