Toronto, Ontario--(Newsfile Corp. - January 16, 2025) - Stay Inc. ("Stay" or the "Company"), a platform in the short term rental industry with operations in both Canada and the United States of America (Stay USA Inc.), is pleased to announce it has entered into a non-binding letter of intent dated January 15, 2025 (the "LOI") which sets forth the basic terms and conditions upon which Stay and 1169071 B.C. LTD. will combine their business operations resulting in a reverse takeover of Stay (the "Transaction").
Upon completion of the Transaction, the combined entity (the "Resulting Issuer") will carry on the business of Stay and the former shareholders of Stay will become shareholders of the Resulting Issuer. In connection with the Transaction, the parties will seek to list the Resulting Issuer on a recognized Canadian stock exchange, whose listing will be subject to required approvals.
The acceptance of the LOI is being followed by good faith negotiations of definitive documentation, including a definitive merger, amalgamation or share exchange agreement (the "Definitive Agreement") among the parties setting forth the detailed terms of the Transaction, including the basic understandings set out in the LOI and such other terms and conditions as are customary for transactions of the similar nature and magnitude of the Transaction.
Stay is excited about this opportunity to expand their capital raising opportunities, reach, and create a broader awareness of the Stay brand, while providing its existing and future security holders with liquidity on a recognized Canadian stock exchange. "We're thrilled about the opportunity and what changes we can bring to the industry, servicing hosts differently from our competitors and being able to evolve our platform to service the ever-changing market conditions", said Co-Founder and Chairman of the Board, Scott McGillivray. Stay has been granted access to exclusive high-profile properties in partnership with Scott McGillivray, the host of television shows such as HGTV's Vacation House Rules and Renovation Resort. Vacation House Rules' cottages and Renovation Resort's cabins are currently booking on the Stay platform.
About Stay
Stay Inc. is a short term rental technology company co-founded by reality TV host and producer Scott McGillivray, best known for his award-winning work in real estate, home improvement, and prime-time television. Stay's innovative platform offers property owners, operators, and guests a seamless experience, from listing and booking to payments through a host-centric platform designed for professional hosts, property managers, and entrepreneurial minded real estate investors. Stay announced a partnership with Booking.com in 2024, and continues to integrate with other market leaders in the industry. By incorporating blockchain-based solutions, Stay strives to build a trusted, transparent, and rewarding ecosystem for all stakeholders in the short term rental market.
For further information: Nick Sama, Phone# +1 (365) 747-2144, Email: nick@staywithstay.com
Forward- Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information in this press release may include, without limitation, statements relating to: the completion of the Transaction and the timing thereof, the execution of the Definitive Agreement, the proposed business of the Resulting Issuer, shareholder and regulatory approvals, future press releases and disclosure, and the listing of the Resulting Issuer on a recognized Canadian stock exchange.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding general economic and industry factors, market conditions, management's ability to manage and to operate the Stay business, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Resulting Issuer, the Company, or 1169071 B.C. LTD. may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
SOURCE Stay Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237401
SOURCE: Stay Inc.
