Vancouver, B.C. – May 4, 2021. Plank Ventures Ltd. ("Plank" or the "Company") is pleased to announce that following its initial announcement dated as of March 2, 2021, the Company has entered into several agreements (collectively, the"Karve Agreement") with Tracksuit Movers Inc. ("TMI"), DueNorth Systems Inc. ("DueNorth") and the two founders of DueNorth to create Karve IT Ltd. ("Karve").
DueNorth is a Canadian tech development company, whose mission is to bridge the gap between teaching and learning by using innovative technologies to decrease screen time and increase people time, managing the process and workflow of learning along the way. DueNorth has developed a cloud-based SaaS platform called DueMorePlus.
Tracksuit Movers Inc dba You Move Me is a franchisor that has a network of customer-centric and a technology forward franchisees-owned moving businesses throughout Canada and the US.
Pursuant to the Karve Agreement, Karve was incorporated under the BCBCA. Due North transferred certain assets, which include technology, to Karve in exchange for 390,000 common shares of Karve. Plank and TMI subscribed for 310,000 and 200,000 common shares of Karve respectively at $1.00 per one common share.
The Company agreed to pay $310,000 for its 310,000 common shares of Karve as follows: $30,000 was paid on the execution of the Karve Agreement; and (b) thereafter Plank agreed to make fourteen monthly payments of $20,000 commencing June 1, 2021, and ending July 1, 2022. Karve agreed to issue its common shares to Plank upon receipt of each payment.
It is anticipated that upon making all the payments by Plank and TMI, Plank will own 310,000, TMI 210,000 and DueNorth 390,000 common shares of Karve, and that there will be a total of 1,000,000 common shares of Karve issued. Karve will be able to grant up to 100,000 stock options, representing 10% of the total issued and outstanding common shares of Karve.
The Karve Agreement stipulates that the board of directors of Karve will consist of three directors. TMI will nominate one director. Plank will nominate one director, and the two founders of DueNorth will nominate one director.
About Plank Ventures Ltd.
Plank is an investment company targeting investments and business opportunities in the technology arena, focusing on early-stage start-up companies that already have developed a customer and revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
For additional information please contact:
Laurie Baggio, CEO Tel: 604-428-7050
Cautionary Statement Regarding "Forward-Looking" Information
This release includes forward-looking information within the meaning of Canadian securities laws regarding Plank, TMI, DueNorth, Karve and their respective businesses. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including market conditions, economic factors, management's ability to manage Plank, TMI, DueNorth, Karve and the equity markets generally.
Although Plank, TMI, DueNorth and Karve have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Plank, TMI, DueNorth and Karve do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.