PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--LifeLogger Technologies Corp (OTCQB:LOGG) today announced it had completed the acquisition of key assets of Pixorial, Inc. (“Pixorial”) pursuant to the terms disclosed on Form 8-K filed with the SEC on July 6, 2016. This is a major milestone as the LifeLogger Location Smart Video service continues to increase in online traffic.
As part of the terms of the Amended and Restated Asset Purchase Agreement, LifeLogger has acquired certain assets of Pixorial such as the registered trademark “What’s Your Story?”® and the 620,000 customer list. LifeLogger will issue 2,600,200 shares of its unregistered common stock to the existing shareholders and certain creditors of Pixorial. In addition, LifeLogger amended the exercise price of Pixorial CEO Andres Espineira’s stock option award to $.10 per share. The shares of LifeLogger common stock to be issued to Pixorial’s shareholders and creditors will be subject to a lock-up agreement whereby one-third the number received by each may be sold beginning as of each of the first three anniversaries of the closing of the Pixorial Asset Acquisition.
Andres Espineira, LifeLogger’s Chief Marketing Officer noted, “With a major update to our service to be released in a matter of weeks, LifeLogger is making major strides to position itself as the leader in location smart videos. The completion of the asset acquisition frees LifeLogger to fully utilize the Pixorial customer database in our marketing. I’m looking forward to introducing LifeLogger’s advancements not only to our rapidly growing customer base but also to the long list of Pixorial users who will fall in love with LifeLogger Location Smart Videos.”
Pixorial is a personal photo and video sharing platform that includes functionality to organize and discover all the media from a person’s life so they can enjoy it how they want. Using Pixorial’s online tools and mobile applications functionality, customers will be able to take the complexity out of sharing their photos and videos and go beyond the limits of traditional posting. With multiple industry awards and over half a million subscribers worldwide, Pixorial is privately held and based in Englewood, Colorado.
LifeLogger is a location smart media cloud service providing the ability to capture, store and livestream your memories enriched with geo-location and other relevant information. With the release of iOS, Android and GoPro apps, LifeLogger aims to be device agnostic with future developments for other wearable and/or sensor devices. The LifeLogger platform enables easy retrieval of media in multiple ways including geography, face detection and other textual tags to help users find videos and images. For more information about LifeLogger Technologies, Corp please visit http://lifelogger.com/.
Forward Looking Statements - Safe Harbor
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of LifeLogger Technologies, Corp. to provide innovative wearable technology and related software applications and its expectations for future revenues. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. The potential risks and uncertainties include, among others that the anticipated success of our technology may not be as expected. More information about potential factors that could affect our business and financial results is included under the captions, “Risk Factors” in our Form 10-K for the year ended December 31, 2015 which have been filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at http://sec.gov/.