Toronto, Ontario--(Newsfile Corp. - January 7, 2022) - Scryb Inc. (CSE: SCYB) (OTCQB: SCYRF) (FSE: EIY) ("Scryb" or the "Company"), an applied intelligence Company, announces that it has signed a non-binding letter of intent (the "LOI") with Pima Zinc Corp. ("Pima"), pursuant to which Pima would acquire all of the issued and outstanding common shares in the capital of Cybeats from Scryb (the "Proposed Transaction"). In addition, Pima will change its name to "Cybeats Technologies Corp." and will apply for a listing on the Canadian Securities Exchange.
"We are very pleased with the progress and growth of Cybeats's since acquiring the Company, and are excited to accelerate commercial activities and expansion with this proposed transaction. We feel that a separate listing will bring shareholder value that more adequately reflects the state of Cybeats business and market conditions. We believe that the current valuation of Cybeats is not reflected in Scryb's share price. Cybeats independently capitalized can foster a more streamlined operational expansion into the United States. This transaction allows for a contemplated share-based dividend of Cybeats shares to Scryb shareholders once the value of Cybeats is adequately recognized," said Yoav Raiter, CEO, Scryb Inc.
The completion of the Proposed Transaction contemplated by the LOI remains subject to Pima and Cybeats entering into a definitive agreement and the approval of all regulatory and other approvals. It has been agreed that the terms of the Proposed Transaction will result in Scryb continuing to be the controlling shareholder in Cybeats and as a result, Scryb will report its interest in Cybeats on a consolidated basis.
Scryb's management believes this proposed transaction is positive as it allows Cybeats to access the public markets for the capital it will need to grow its business without resulting in further dilution in the number of shares outstanding in Scryb.
About Cybeats
Cybeats delivers intelligent security applications for software supply chains and IoT connected devices, autonomously detecting and eliminating cyber threats in real-time. Cybeats - Software made certain.
Website: www.cybeats.com
Cybeats Overview: For a more encompassing corporate update on Cybeats strategy and future, please visit1: https://bit.ly/3t3moO0
RECENT NEWS: Scryb reports on engagement with APMA (Auto Parts Manufacturers Association) to deploy Cybeats on Project Arrow, Canada's zero-emissions concept car. View the full story here: https://scryb.ca/newsblog/2022/1/5/7i9si56edxgdpj0qy8seeeht8e7oqz
About Scryb
Scryb is a platform that powers businesses and technologies with applied intelligence, real-time analytics, and actionable insights. The platform boasts proven adaptability across diverse markets, from digital health and diagnostics to cybersecurity and manufacturing. The cloud-based platform is composed of crucial elements including sensor technology, IoT, predictive analytics, and computer vision.
For more information, please visit our website at: http://scryb.ai
Contact:
W. Clark Kent
President
Office. 647-872-9982
TF. 1-844-247-6633
Email: info@scryb.ai
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
1 https://scryb.ca/newsblog/2021/12/17/scryb-reports-on-strategy-and-future-of-cybeats-cybersecurity
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109429
