Clarocity Corporation Initiates Strategic Alternatives Review – Board Mandates Management to Enhance Stakeholder Value
– Amended Warrants Expire October 12
Toronto, Ontario – October 5, 2017 – Clarocity Corporation (TSXV: CLY OTC: CLRYF) (the “Company” or “Clarocity”) is pleased to announce that it has approved the commencement of a strategic alternatives review.
The board authorized the creation of a strategic alternatives committee empowered to engage outside advisors, including but limited to considering, evaluating, negotiating and implementing: joint ventures, strategic investors, sale of the Company, mergers and acquisitions.
The committee is empowered to engage outside advisors included as needed: Canadian investment dealer, US investment banks and legal and accounting advisors at the direction of the committee to conduct and implement the strategic alternatives review.
The strategic alternatives committee mandate is to enhance stakeholder values, including but not limited to considering, evaluating, negotiating and implementing: joint ventures, strategic investors, sale of the Company, mergers and acquisitions.
“Considering the unsolicited approaches we are receiving from interested parties, we consider it important to commence this strategic alternative review now,” said Shane Copeland, CEO of Clarocity. “In order to increase stakeholder value we need to commit time and resources to weigh the best approach to unlock stakeholder value and how best to deploy our technology and platform within the evolving real estate valuation market.
Clarocity also advises that 52,757,045 warrants amended to reduce the exercise price to $0.132 per share early expire on October 12, 2017.
For further information, visit www.clarocity.com or contact:
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today’s dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation 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.
This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company’s future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.