This Letter of Intent involves
Title: LIFELOGGER SIGNED A LETTER OF INTENT TO ACQUIRE ASSETS OF PIXORIAL
LIFELOGGER SIGNED A LETTER OF INTENT TO ACQUIRE ASSETS OF PIXORIAL
Palm Beach Gardens, FL – October 29, 2015 - LifeLogger Technologies Corp (OTCQB: LOGG) today announced that it has signed a Letter of Intent (LOI) to acquire all assets of Pixorial Inc. (Pixorial), a privately held photo and video sharing platform company.
As per the terms of the LOI, LifeLogger will acquire all assets of Pixorial such as source code, software, trade secrets, processes, ideas, know-how, improvements, discoveries, developments, designs, techniques and contract rights related to the Pixorial app including but not limited to contract rights related to the Pixorial app for inclusion on the Apple store and the Google Play store. LifeLogger will issue 3.2 million shares of its unregistered common stock to the shareholders and certain creditors of Pixorial, which will be subject to a lock-up agreement and has agreed to retain Andres Espineira, Pixorial’s Founder and Chief Executive Officer. The Definitive Agreement is expected to be signed by mid November 2015 and is subject to closing conditions.
Stewart Garner, LifeLogger’s Chief Executive Officer noted, “We are extremely pleased to have signed this LOI with Pixorial as it presents an array of strategic benefits for our shareholders. Pixorial’s software offers online user-friendly tools and applications to access, download, edit, tag, process, store, organize and share videos, photos and music from any device, services which we plan to integrate with LifeLogger’s existing software. Additionally, through this acquisition, we will gain access to Pixorial’s list of approximately 620,000 registered users who have signed up through www.pixorial.com .”
Mr. Espineira will join LifeLogger’s management team and will be responsible for leading the integration team that will be engaged in the development of the enhancements to the Company’s existing life-logging software tools by incorporating the tools developed by Pixorial.
Mr. Espineira, added, “I am thrilled to be joining the LifeLogger organization. Our software, which is complimentary to LifeLogger’s software, can be customized and inte