TORONTO, ONTARIO — (Marketwired) — 12/30/14 — Engagement Labs Inc. (TSX VENTURE: EL) announced today the disposition of its wholly-owned subsidiary, EDU Performance Canada Inc. (“EDU”) of Brossard, Quebec, to its principals and founders, Messrs. Andre Goli and Sylvain Dufour.
Consideration consisted of a cash payment of $100,000, a payment of $200,000 to be made on a monthly basis over a three year period plus the retention of a 12.5% minority interest in EDU. As part of the terms of the disposition, Engagement Labs entered into a debt forgiveness agreement with EDU resulting in a write-down of the value of Engagement carried on its books of approximately $560,000 which will be recorded in the Q4 2014.
The EDU division reported revenue for the nine months ended September 30, 2014 of $581,958 and an EBITDA loss of $172,536.
Mr. Bryan Segal, Chief Executive Officer of Engagement Labs, commented:
“Divesting EDU Performance Canada Inc. is consistent with our strategic plan to focus on the further development and marketing of our proprietary cloud-based eValue suite of SaaS (software-as-a-service) products and measuring tools. We are delighted we could work with Andre and Sylvain and consummate this transaction and as minority shareholders going forward we intend to be large cheerleaders for EDU.”
About Engagement Labs
Engagement Labs– patented eValue Score is the Global Standard for Social Scoring. eValue analytics Pro, an enterprise grade social media analytics platform, scores brands between 1-100. eValue measures brands– social media and digital marketing efforts. It–s composed of a series of metrics and KPI–s, among them: engagement, responsiveness and impact, benchmarked against 50,000+ handpicked verified brands.
Engagement Labs (TSX VENTURE: EL) offers intelligent social data, analytics and insights for organizations that are actively engaging on social networks. Offered as a SaaS or through an API, the eValue analytics platform allows brands to measure and maximize the effectiveness of their social media marketing campaigns, as well as measuring that of their competitors, across major social networks Facebook, Twitter and YouTube. Engagement Labs maintains offices in Montreal, Toronto and Paris. /
Contacts:
Engagement Labs Inc.
Eli Singer
Chief Strategic Officer/Chief Marketing Officer
416-566-2322
Engagement Labs Inc.
Sasha Bricel
Account Executive
647-981-7397
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