NEW YORK, Aug. 9, 2019 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK) ("Frankly" or the "Company") is pleased to announce that it has completed its purchase of the Vemba video asset management, syndication and monetization platform, which was previously announced on July 24, 2019. Under the terms of the Asset Purchase Agreement with Vemba Corporation ("Vemba"), the Company acquired the Vemba platform assets, comprising substantially all of the property and assets of Vemba, for a purchase price consisting of a CAN$200,000 cash payment and the issuance to Vemba of 256,410 Frankly common shares. All Frankly common shares issued pursuant to the acquisition transaction are subject to a 4-month statutory hold period and contractual escrow restrictions for a period of 12-months.
In connection with the acquisition, Nobert Horvath, the Chief Technology Officer of Vemba, has been appointed as Chief Product Officer of Frankly, subject to regulatory approval. Separately, Jill Peters has been appointed as Chief Revenue Officer of Frankly, subject to regulatory approval.
About FranklyFrankly Media provides a complete suite of digital solutions for media companies to create, manage, distribute and monetize their content on all platforms maximizing audience engagement and revenue potential. The company is headquartered in New York with offices in Atlanta. For more information, visit www.franklymedia.com.
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SOURCE Frankly Media