Toronto, Ontario – (Newsfile Corp. – September 20, 2021) – Xigem Technologies Corporation (CSE: XIGM) (OTCQB: XIGMF) (FSE: 2C1) (“Xigem“or the”Society“), a technology provider for the emerging remote economy, is pleased to announce that it has entered into a Letter of Intent on September 14, 2021 (the”Letter of Intent“) to acquire up to 22% of the common shares of iDealer, Inc. (“iDealer“), a provider of transportation management technology to auto dealers and other fleet operators. The all-cash transaction is valued at $ 874,896 (the “Transaction”) and provides for payments to be made in three installments over a period of fifteen months from the closing date of the Operation; the third tranche is subject to the performance of iDealer. In addition, the Company will appoint a representative to the board of directors of iDealer. On an ongoing basis, this investment will allow Xigem to recognize its share of the profit (or loss), after the effective date of acquisition, from the results of iDealer.
iDealer is a SaaS-based transport, dispatch and routing management system that is based on proprietary artificial intelligence (AI) technology. In its current form, iDealer automates dispatch, delivers optimal routing, and manages real-time changes for car dealers and their on-duty drivers during the shuttling of customers and parts, a critical “last mile” operation. iDealer streamlines the operations of a dealership’s internal drivers, reduces cost per trip and average customer wait time, eliminates errors and improves overall customer satisfaction index.
iDealer offers three products to increase the efficiency of dealer operations, including: Courtesy Shuttle Services, Valet Parking and Parts Management. The iDealer SaaS platform quickly gained traction among car dealerships in North America and Australia, having been implemented at dealerships representing all major car brands. The data collected by iDealer shows that these dealers have generated an average return on investment of 9 times in the iDealer solution. iDealer also has an exclusive integration partnership with Uber for Business to: facilitate high demand situations, expand service areas for iDealer users, reduce average travel costs and enable operators to optimize the size of their internal fleet.
“IDealer Extends and Complements Xigem’s Growing SaaS Platform Portfolio for the Remote Economy with Trillion-Dollar Auto Dealer Market Entry, and Enhances Xigem’s Ability to Enter Other Verticals where real-time monitoring and communication with fleets is critical to their success. “said Anton Tikhomirov, CTO of Xigem.” This investment fits perfectly with our strategy of aggregating a portfolio of technologies capable of disrupting traditional business models.
The auto dealer market is expected to reach around US $ 1 trillion in 2021.I According to McKinsey & Company, parts and service departments contribute an increasing share of dealer profits. Dealers can manage change by improving operational efficiency and digitizing processes to create a more engaging experience for customers.ii iDealer provides them with a solution.
“We are delighted to add Xigem as a strategic investor and look forward to a fruitful collaboration,” said Sergey Nekipelov, CEO of iDealer. “We will invest this capital in the further development and commercialization of our technology to provide new solutions and added value to our customers in the automotive industry and beyond.
The Transaction should be finalized by December 31, 2021, subject to the completion of due diligence, the signing of final agreements and the obtaining of any regulatory authorizations. The Transaction is considered to be at arm’s length and no intermediation commission can be due.
iDealer automatically creates optimal routes for drivers, tracks vehicles in real time and provides ETA updates to customers
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About Xigem Technologies Corporation
Based in Toronto, Ontario, Xigem is well positioned to become a leading technology provider to the emerging nearly trillion dollar remote economy, with software capable of improving capacity, productivity and operations. global remote for businesses, consumers and other organizations. iAgent, the Company’s patented technology, will provide organizations, businesses and consumers with the tools to thrive in a wide range of remote work, learning and processing environments, as the Company seeks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact can be considered as forward-looking statements. Forward-looking statements are often identified by words such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms. and similar expressions. In particular, the forward-looking statements contained in this press release include, without limitation, statements regarding the expected timing and closing of the Transaction, the parties entering into a definitive agreement, the Company receiving all required regulatory approvals, the the Company’s ability to finance the Transaction, the ability of iDealer to expand into the automotive dealership market and the ability of iDealer to expand into other sectors. Forward-looking statements necessarily involve known and unknown risks and uncertainties which could cause actual results to differ materially from those expressed or implied in such forward-looking statements. These risks and factors include, without limitation, the inability of the Company to obtain or maintain regulatory, market and / or other approvals necessary to continue its business activities as proposed. Although management believes that the expectations and assumptions upon which this forward-looking information is based are reasonable, readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. This information, although considered reasonable by management at the time of its preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise, unless applicable securities do not require it. laws. Forward-looking statements, forward-looking financial information and other measures presented in this document are not intended as indications or projections for the periods mentioned in this document or any future period, and in particular, past performance is not any indicator of future results and of the results of the Company in this press release may not be indicative and does not constitute an estimate, forecast or projection of the future results of the Company. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the Canadian Securities Exchange nor its market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Xigem Technologies Corporation
On behalf of the company:
Brian Kalish, Managing Director
For more information:
I Source: IBISWorld, “New Car Dealers in the United States – Market Size 2005-2027”
ii Source: McKinsey, “As Dramatic Disruption Happens in Auto Showrooms, Proactive Dealers Can Benefit Huge,” January 2019.
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