Adya Announces Sale of Subsidiary

TORONTO--(BUSINESS WIRE)--Adya, Inc. (“Adya” or the “Company”), (TSX-V:ADYA; OTCQB: ADYIF) announces the successful completion of the sale of its indirectly owned subsidiary, Ellora Telecom Philippines Inc., to an arm’s length third party. This strategic move, finalized on May 2, 2023, was executed pursuant to a share purchase agreement for a total consideration of $420,000 in cash (the “Disposition”).

Ellora Telecom, a call-center operation based in the Philippines, was not deemed central to the Company’s primary telecommunications operations. The decision to divest came as Ellora Telecom was experiencing financial difficulties and contributing minimally to Adya’s revenue stream. This subsidiary represented a modest portion of our overall assets and business operations.

In conjunction with the Disposition, the Company has entered into a Customer Support Services Agreement with Ellora Telecom. Under this agreement, Ellora Telecom will continue to provide Company with specified services for a fee, ensuring a seamless transition and continuity of service.

This divestiture allows Company to streamline its operations and focus more effectively on its core business areas, enhancing value for stakeholders.

ABOUT ADYA

Adya is a publicly traded holding company, with offices located in Toronto, Canada, and currently a strategic shareholder in telecommunications and technology companies.

Forward-Looking Statements

Certain statements in this press release may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Adya or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Adya assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.