Tickers: XTSX:ZMA, PINX:ZMWYF
Tags: Travel
VANCOUVER, BC / TheNewswire / August 23rd, 2018 - ZoomAway Travel Inc. (TSXV: ZMA) (the "Company") www.zoomawaytravel.com a leader in Hospitality Industry innovation, is pleased to announce that it has signed Term Sheet and commenced a due diligence for senior secured collateralized convertible notes (the "Notes") for a maximum of USD $1,500,000 with an Ontario-based VC/PE firm (the "VC").
The Company has paid a due diligence fee of $10,000 and issued 3,800,000 common shares of Zoomaway Travel to the VC at a deemed price of $0.05 per share to reimburse the VC for the internal and external costs incurred during due diligence. Zoomaway has agreed that a break fee of $225,000 will be payable to the VC if, for any reason, the company decides not to proceed with the funding by VC or related, affiliated or assigned parties.
Proceeds from the Notes are expected to be used for the development of the Company's revolutionary new gameified platform ZoomedOut (www.zoomedout.io) and growth capital.
Sean Schaeffer, CEO of Zoomaway Travel, commented, "This re-imagination of the travel experience is a direct challenge to all industry leaders, who still present their customers with a flat, non-immersive web-based view of locations all over the world that should be experienced and not just displayed. We plan to shake up multiple industries with this product. Our internal revenue projections, crafted with the assistance of our social gaming advisors, Zero 8 Studio's show that we have the potential to make as much revenue in one month as the company currently does in a year." Schaeffer further stated that "I've been in this industry a long time, I've seen the opportunity this presents all of our shareholders and I believe we need to move quickly to get this platform into production by whatever means at our disposal."
All securities issued or issuable in connection with the Notes and loans are or will be subject to a statutory hold period expiring on the date that is four months and one day after the distribution date.
None of the securities issued or issuable in connection with the Notes and loans will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Or for additional information contact: Sean Schaeffer, President, ZoomAway Inc.,
at 775-691-8860 or sean@zoomaway.com.
About Us
ZoomAway, Inc. (Nevada Co.) provides leading hotels, golf resorts, ski resorts, and activity providers with a seamless, scalable, and fully integrated technology platform that allows for the discounted packaging of lodging, ski, golf, activities, and attractions. It seamlessly integrates into client websites, providing their customers with a real time one-stop shop for all of their travel and recreational needs. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
Travel Game Blockchain Inc. (Canadian Co.) is a new ZoomAway Travel, Inc. subsidiary company dedicated to housing new projects in the digital games and blockchain formats. The companies first proposed project is ZoomedOUT which can be seen at www.zoomedout.io. To receive more detailed, or investor level information, please contact us at info@zoomedout.io and we will respond with the appropriate documentation depending on your request.
Forward Looking Statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Offering and has neither approved nor disapproved the contents of this press release.
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