Voxtur Bolsters Property Tax Business with Acquisition of
TORONTO and TAMPA, Fla., June 09, 2022 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, executed a purchase agreement on June 6, 2022 (the “Agreement”) for the acquisition of all of the issued and outstanding stock of Municipal Tax Equity Consultants Inc. and MTE Paralegal Professional Corporation (collectively “MTE”) (the “Acquisition”).
Completion of this arm’s length Acquisition is subject to the receipt of all required regulatory, corporate, and third-party approvals, including the approval of the TSX Venture Exchange (the “TSXV”), and is anticipated to close on or before July 1, 2022.
MTE provides municipalities with taxation finance software and technology-enabled services to ensure its clients maximize property tax revenue and mitigate future liabilities, optimize operations from emerging opportunities, and develop property tax policy frameworks.
“The acquisition of MTE strengthens Voxtur’s footprint as a trusted source of expertise for municipalities seeking maximum efficiency,” said CEO Jim Albertelli. “MTE is a market-respected company, and we look forward to integrating them into Voxtur’s industry-leading technology solutions and workflow management.”
Over the past five years, Voxtur’s Real Property Tax Analytics (“RPTA”) software analytics tool has helped progressive Ontario municipalities add almost a billion dollars of assessed value to their assessment rolls and tens of millions of dollars in net property tax revenues were generated for these municipalities, without increasing tax rates. MTE has been providing assessment base management to their many municipal clients across Canada for over 32 years. With the addition of MTE, Voxtur looks forward to equipping their advisors and consultants with this powerful and efficient analytic software tool to bring new revenue to their clients.
As the provinces emerge from the pandemic, municipalities across Canada will face unprecedented economic challenges. A stable assessment base with new revenues generated from underassessed properties will help mitigate these economic headwinds. The combination of MTE supported by Voxtur’s RPTA will allow municipal treasurers to maximize revenues from their tax base.
Financially, the Acquisition will add positive EBITDA immediately to the Company on a standalone basis and will be able to achieve additional cost synergies by integrating MTE into Voxtur’s technology infrastructure.
“We are pleased to become a part of the Voxtur organization, and look forward to all that we will accomplish together,” said Greg Powell, CEO of MTE. “We believe this was the right time to join forces as our clients are entering unprecedented times and experiencing stressed resources to manage new assessments and appeal workloads which account for their largest revenue source. The combination of our lengthy history in the industry and Voxtur’s best-in-class technology will allow us to better serve our clients.”
Consideration for the Acquisition will consist of up to $4,400,000 (the “Purchase Price”), to be paid In a combination of cash and common shares of the Company (“Common Shares”), subject to adjustment prior to closing, with $800,000 of the Purchase Price to be satisfied by the issuance of 808,080 Common Shares at closing, priced at $0.99 per Common Share, and $500,000 of the Purchase Price to be satisfied by the issuance of Common Shares subject to an escrow hold period of 18 months following closing of the Acquisition (the “Escrow Shares”), priced at $0.99 per Escrow Share. The amount of Escrow Shares to be issued following the escrow hold period are subject to adjustment. In addition, $500,000 of the cash portion of the Purchase Price will be subject to an escrow hold period of 18 months following closing of the Acquisition.
Completion of the Acquisition is not expected to impact financial guidance previously issued by the Company.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: the closing of the Acquisition and the anticipated timing thereof; final approval of the Acquisition by the TSXV; the positioning and product offerings of MTE following the completion of the Acquisition; expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF
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