Vancouver, Canada--(Newsfile Corp. - July 10, 2024) - Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) ("Turnium" or the "Company"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), announces that, further to its news releases dated May 30, 2024 (the "Initial News Release") and July 8, 2024, the Company has increased its previously announced non-brokered private placement (the "Offering") of units (each a "Unit") at a price of CAD $0.07 per Unit such that an aggregate of up to 11,139,303 Units (previously upsized from 8,214,285 Units to 10,214,285 Units) may be issued for aggregate proceeds of up to CAD$780,000 (previously upsized from CAD$575,000 to CAD$715,000). The terms of the Offering are otherwise unchanged.
The Offering is anticipated to be completed concurrently with the closing of the Company's proposed acquisition of 100% of the issued and outstanding ordinary shares in the capital of Claratti Pty Ltd ("Claratti"), which will result in Claratti becoming a wholly-owned subsidiary of Turnium (the "Acquisition"), and which is anticipated to be completed during July 2024.
Additional details regarding the Acquisition and the Offering are outlined in the Initial News Release, accessible on the Company's profile at www.sedarplus.ca.
The securities have not been and will not 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 requirement. 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.
About Turnium Technology Group Inc.
We make internet connections more secure and reliable for businesses. Our cloud-native software-defined wide area networking (SD-WAN) software platform is licensed by our global network of channel partners and used to deliver highly reliable and secure connections to the applications and data that their business and enterprise customers need using cost-effective standard internet, wireless, or low-earth orbit satellite services. Compared to other options, the proprietary software-based solution that we offer is easier to manage, more flexible and faster to deploy, and more cost-effective than virtual private network (VPN) solutions or the services offered by traditional telecommunication carriers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies. The SD-WAN market is expected to increase at a 31.6% CAGR from US$3.4B in 2022 to US$54B in 2032, according to Future Market Insights Inc.
# # #
Turnium Contact:
Chairman: Ralph Garcea, Email: [email protected], Telephone: +1 416-304-9125
Investor Relations: Bill Mitoulas, Email: [email protected], Telephone: +1 416-479-9547
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect the Company's expectations regarding: completion of the Acquisition and the Offering; and the terms of the Offering. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to: the timing and possible outcome of regulatory approvals in connection with the Offering and the Acquisition; the possibility that the Offering and the Acquisition may not close; general economic, market and business conditions in Canada; risks relating to the effective management of the Company's growth; fluctuations in foreign exchange and interest rates and stock market volatility; and political and economic conditions.
There are no assurances that the Company can fulfill forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to the Company's management team as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond its control. Although the Company believes that any forward-looking statements and information contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information.
The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
