MELBOURNE, Australia--(BUSINESS WIRE)--Aurum, Inc (“Aurum”) (OTCBB:AURM) is pleased to announce that it has entered into a binding term sheet with the shareholders of Israeli company Humavox Ltd (Humavox), a company that creates wireless charging solutions. According to the term sheet, Aurum will acquire 100% of the shares of Humavox and 100% of the warrants and options to acquire shares of Humavox in exchange for the issue of shares of common stock of Aurum representing, 50% of the shares of common stock of Aurum post issue on a fully-diluted basis, including the investment of an amount of US$16 million in Humavox. The investment will take place in unconditional installments over a period of 24 months following the closing. The closing of the merger is subject to certain closing conditions, including the investment in Humavox of the first installment of the investment in the amount of $5.5 million.
The parties are using their best efforts to close the transaction within 90 days or earlier. Due diligence is being undertaken following which a share sale agreement will be completed.
As part of closing, the board of directors of Aurum will be restructured, and Omri Lachman, the CEO of Humavox, will be appointed as Aurum's CEO.
Further details of the transaction will be made available in due course.
Further information on Humavox can be found at www.humavox.com
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. Aurum or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Aurum’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of changes in the new and rapidly evolving cyber threat landscape; failure to effectively manage growth; fluctuations in quarterly results of operations; real or perceived shortcomings, defects or vulnerabilities in Aurum’s solution or the failure of the solution to meet customers’ needs; the inability to complete the development of the product, acquire new customers or sell additional products and services to such new customers to support sustainable growth; competition from IT security vendors and other factors; failure to enter into a potential financing transaction, failure to up-list to a national securities exchange, failure to otherwise satisfy any closing conditions, reaction to the proposed acquisition by strategic partners and employees; the diversion of management's time on issues relating to the proposed acquisition and changes in the stock price of Aurum prior to closing. Actual results and timetables could vary significantly. Aurum undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.