Mobio Technologies to acquire Karve IT from Plank Ventures

* Mobio Technologies (TSXV:MBO:CA [https://seekingalpha.com/symbol/MBO:CA]) has entered into a binding share purchase agreement to acquire 310,000 of the issued and outstanding common shares of Karve IT from Plank Ventures.
* Plank will be issued 2.86M common shares in the capital of the company. Concurrently, Tracksuit Movers, a wholly owned subsidiary of Mobio, will transfer all of its investment in Karve consisting of 200,000 common shares in the capital of Karve to Mobio by way of dividend in kind.
* It is anticipated that upon closing of the Acquisition, Mobio will hold directly 100% of the issued and outstanding shares of Karve, making it the sole direct shareholder of Karve.
* Source: Press Release [https://seekingalpha.com/pr/20245372-mobio-technologies-inc-announces-acquisition-of-karve-it-ltd-and-change-of-financial-year-end]

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* Financial information for Mobio Technologies Inc. [https://seekingalpha.com/symbol/MBO:CA/income-statement]