Sora Capital Completes Acquisition of ProSmart Sports Development
Vancouver, BC—June 13, 2017
Sora Capital Corp. (TSXV:SOR) (the “Company”) is pleased to announce that, pursuant to the share exchange agreement dated March 14, 2017 among the Company, ProSmart Sports Development Inc. (“ProSmart”) and the shareholders of ProSmart (the “SEA”), as previously announced on February 8, 2017 and March 15, 2017, the Company has acquired all of the issued and outstanding common shares of ProSmart (the “Transaction”). As a result of the Transaction, ProSmart has become a wholly-owned subsidiary of the Company. The Transaction constitutes a Fundamental Acquisition as defined by the policies of the TSX Venture Exchange (the “Exchange”).
Pursuant to the terms of the SEA and in connection with the closing of the Transaction, the Company issued an aggregate of 35,902,030 common shares in the capital of Sora (the “Sora Shares”), on a pro rata basis, to the ProSmart shareholders at a deemed price of $0.175 per Sora Share.
With the closing of the Transaction, Alan Schuler and Myles McGovern have been appointed to the board of directors of the Company as previously announced on February 8, 2017. Mr. Alan Schuler has also been appointed the Chief Executive Officer of the Company replacing Paul Reinhart, who becomes the Executive Chairman of the Board. In addition, Greg Stanway and David Miller have resigned from the board effective immediately. The Company would like to thank Mr. Stanway and Mr. Miller for their contributions over the past year.
Former CEO, and current Executive Chairman of the Board, Paul Reinhart comments, “The closing of the Transaction with ProSmart represents a positive step forward for the Company as it continues to refocus its investment strategy on software companies in the large and growing recreational sports marketplace. The addition of ProSmart’s management team, led by Alan Schuler, offers synergy across both ProSmart and RosterBot, two leading internet providers of products and services in the sports marketplace.”
New CEO Alan Schuler adds, ” ProSmart and RosterBot have both established themselves as leading providers of complimentary and synergistic services in the sports software market. This positions Sora well to continue driving growth in these two properties, as well as identify and capitalize on additional opportunities in the recreational sports marketplace.”
On behalf of Sora Capital Corp.
About Sora Capital Corp.
Based in Vancouver, BC, the Company (http://soracapital.ca) is an investment issuer, focusing on emerging companies in the Software as a Service (“SaaS”) sector of the technology industry, more specifically, companies with consumer facing products and services with revenue models, including subscriptions, transactional service fees and targeted advertising in the growing sports industry. Using the expertise of its management in both the venture finance and technology sectors, Sora identifies candidate companies in need of capital investment and operational support.(https://rosterbot.com) and HelpHub Services Inc. (https://helphub.me).
About RosterBot Inc.
RosterBot is the internet’s leading free sports team management service, and currently helps teams of all ages to “Take The Work Out of Play” in over 100 countries and more than 500 types of sports and activities worldwide. RosterBot offers the most comprehensive suite of team scheduling, bookkeeping, and collaboration tools available on mobile devices via the iTunes or Google Play stores and on the web at rosterbot.com
About HelpHub Services Inc.
HelpHub is a real-time open market connecting students and tutors anytime, anywhere. HelpHub enables students to instantly connect with experts in over 500 subjects, from over 60 countries. With whatever students need help—whether it's a five-minute session or an hour-long, recurring weekly session—HelpHub accommodates any schedule. HelpHub provides tools for tutors that allows them to manage, develop, and grow their tutoring business and also enables them connect with students via video, phone, in-person, and from their mobile devices. HelpHub is available on desktop or as an app for iOS devices in the iTunes store.
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