Toronto, Ontario--(Newsfile Corp. - October 24, 2018) - Sensor Technologies Corp. (formerly Mooncor Oil & Gas Corp.) (CSE: SENS) (the "Corporation") is pleased to announce that on the opening of the market on October 24, 2018, the Corporation's common shares will commence trading through the facilities of the Canadian Securities Exchange ("CSE"). The common shares will trade under the symbol "SENS".
The Corporation is also pleased to announce that it has completed the acquisition of Fox-Tek Canada Inc. from IntellaEquity Inc. (CSE: IEQ) ("IntellaEquity") for an aggregate purchase price of $21.5 million (the "Purchase Price"). The acquisition of Fox-Tek was approved by a majority of the disinterested shareholders at the annual and special shareholders' meeting held on July 26, 2018.
$9,500,000 of the Purchase Price will be satisfied through the issuance of an aggregate of 47,500,000 post-consolidated common shares (the "Consideration Shares") in the capital of the Corporation to IntellaEquity at a price of $0.20 per Consideration Share. The balance of the Purchase Price, being up to $12,000,000, will be satisfied through a royalty of 15% on all future sales of Fox-Tek's products and a 20% royalty on all future sales of Fox-Tek's services (collectively, the "Royalty"). The Royalty shall be payable until the earlier of (i) the 10 year anniversary of the closing of the acquisition of Fox-Tek, and (ii) the aggregate payment of $12 million. As a result of the acquisition, IntellaEquity has become an insider of the Corporation.
In addition, the Corporation will continue its operations as a technology issuer providing leading solutions to various sectors including the oil and gas industry.
In connection with the acquisition of Fox-Tek and its change of business, the Corporation changed its name from Mooncor Oil & Gas Corp. to Sensor Technologies Corp. and consolidated its issued and outstanding securities on the basis of thirty (30) pre-consolidated common shares for every one (1) post-consolidated common shares.
"The listing of the Corporation's common shares through the facilities of the CSE will allow the Corporation to continue its development of current and new products for the oil and gas industry," stated Jay Vieira, Chief Executive Officer of the Corporation. "The cost effectiveness of a CSE listing will allow the Corporation to conserve its cash and deploy it in its business."
About the Corporation:
Sensor Technologies Corp. is a leading solutions provider to various sectors including the oil and gas industry. With nonintrusive technologies including fiber-optic sensors and electric field mapping EFM systems, the Corporation is able to accurately measure changes that could negatively impact its client's operations. Its sensors are a non-invasive tool for monitoring pipeline defects in real time and consist of non-intrusive sensors, monitor and software. The Corporation's FM monitoring of isolated pit formation and growth using a non-permanent modular design based on electrical resistance measurements, monitoring locations may be placed hundreds of feet away from the sensors. Software operates in continuous or scheduled reporting modes. The Corporation's latest technology is its leak detection system, for use in application such as pipe sections at remote facilities monitoring of military, scientific installations for corrosive liquids in harsh environments, in tank farms, pipe sections, water leak detection in data centers and buildings.
Corporation contact:
Jay Vieira, President, CEO
email: jay@fox-tek.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note regarding Forward-looking Statements
This news release includes certain information and forward-looking statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation 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.
