NEW YORK--(BUSINESS WIRE)--Zootly, LLC ("Zootly") announced today that the non-binding Letter of Intent ("LOI") entered into with Ethos Gold Corp. ("Ethos") (TSXV: ECC) and as previously announced on October 27, 2015 has automatically terminated. This termination is pursuant to the terms of the LOI as the parties did not execute a definitive agreement by the deadline of November 20, 2015 and have mutually decided not to extend the term of the LOI.
"Zootly may participate in open discussions with Ethos to pursue a business combination at a later date on other mutually satisfactory terms, or will pursue alternate financing or business arrangements with other interested parties," said George Colwell, Chief Executive Officer of Zootly. "While we were unable to reach a definitive agreement with Ethos, Zootly is confident through its latest financing efforts, that it can achieve its short-term growth strategy, and will continue to evaluate and monitor its go public strategy to maximize value for its members. The Board was of the view that focusing collective efforts on Zootly’s short-term financing needs and growth strategy was the proper course of action at this time.”
Further, Zootly would like to announce that on November 13, 2015, Zootly successfully closed an offering of Class A Units of Zootly for gross proceeds of USD $1,246,670.20 at a price of USD $1.02 per Class A Unit, and anticipates a subsequent closing of USD $277,980.60 at the end of November.
Launched in 2015, Zootly is an on-demand moving application created to solve the problem of getting things from point A to point B as easily as possible. Leveraging the under-utilized trucks and crews of licensed, insured, and experienced moving partners, consumers have peace of mind when moving personal valuables, furniture, and more. Businesses also benefit from the on-demand services, which allows them to complete business moves or transport their products quickly to customers or an alternate location quickly and efficiently. By offering advanced and short-notice moving, Zootly goes beyond digitizing services to changing the moving and logistics industry completely. The Zootly app is available on Google Play and iOS App Store. For more information, please visit www.zootly.com.