HOUSTON, TX–(Marketwired – Jul 24, 2017) – ProBility Media Corp. (OTCQB: PBYA), an EdTech company building the first full-service training and career advancement brand for the skilled trades, today announced that it has signed a binding letter of intent to purchase Cranbury International, an exporter of educational and reference materials, located in Montpelier, Vermont. The acquisition significantly expands ProBility’s educational and training product offerings in South and Central America and the Caribbean. The closing is expected within 30 days.
Cranbury International sells educational materials to governmental institutions and private sector markets in Brazil, Mexico, Columbia, Trinidad, and other international regions. The Company markets and represents approximately 40 major publishers in international markets.
Evan Levine, Chairman and Chief Executive Officer of ProBility, commented, “The purchase of Cranbury complements ProBility’s international strategy of offering educational and training materials dedicated to the skilled trades and further expands our international footprint. In addition to improving ProBility’s market presence, Cranbury’s deep relationships with trade schools and universities in Latin America opens new opportunities for ProBility to offer its virtual reality and animation products to a broader audience, as will its proprietary database of thousands of content purchase decision makers under development. Cranbury’s trailing twelve month revenue of approximately $1.5 million is a meaningful addition to ProBility’s revenue base as well and we anticipate synergistic growth in the coming twelve months.”
“Cranbury has established a history of excellence in providing customers with high quality services, and will continue to ensure the same standard of excellence in all future operations. This experience, coupled with the latest in industry knowledge, makes Cranbury unbeatable in delivering customer satisfaction and a great addition to ProBility asset portfolio,” said Noah Davis, President and Chief Operating Officer of ProBility.
“Cranbury’s solid reputation is a good foundation for continued growth and expansion, further supported by our contractual customer relationships, effective quality control, industry expertise, and technical content competence. We look forward to partnering with ProBility to expand our services to additional markets,” stated Ethan Atkin, Chief Executive Officer of Cranbury International. ”
ProBility and Cranbury have executed a Binding Letter of Intent. Upon the closing of the Definitive Agreement, ProBility shall:
- Purchase 100% of the common stock of Cranbury.
- Issue a 6% note to the former owners of Cranbury in the amount of $100,000, payable in twenty-four equal monthly installments.
- Issue $400,000 in shares of ProBility common stock to the sellers. The price per share shall be based upon the closing price of ProBility’s stock on the date of closing.
- Issue additional contingent consideration if certain sales targets are met during the 12 months following closing.