OTC Markets asks Logiq to comment on recent promotion
NEW YORK, November 05, 2021 (GLOBE NEWSWIRE) – Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ) (“Logiq” or “Company”) has received a request from the OTC Markets group to comment on recent equity related activity ordinary Logiq listed on the over-the-counter markets.
On October 8, 2021, Logiq engaged Civet Digital Inc. to independently develop and publish digital media to help market Logiq as a publicly traded company. Logiq announced plans to continue the new digital marketing campaign via a September 3, 2021 press release as part of a larger campaign for brand and company awareness. Civet then retained Emerging Markets LLC (EMC) which then engaged certain third party marketing and advertising companies including SmallCapFirm (SCF) and StockStreetWire (SSW) to provide content distribution and advertising services.
The documents published from November 1, 2021 by SCF, SSW or its subcontractors presented a general overview of the activities of the Company as well as the growth potential of the Company and its industry. Logiq provided the SCF and SSW with information on publicly available sources for these documents, reviewed the documents for accuracy, and exercised full editorial control over the documents. SCF and SSW correctly disclosed that this content was paid for by Logiq, including the amount of cash consideration paid and confirmation that SCF and SSW did not own any Loqiq shares. Civet and EMC also do not hold any shares in Logiq.
On November 2, 2021, the management of the Company was informed by OTC Markets that it was monitoring these promotional activities. After reviewing these documents, the Company believes that none of the published documents were misleading or false, or included information about the Company that had not previously been disclosed by the Company in accordance with FD regulations and at the United States Securities and Exchange Commission (SEC). ) reporting requirements. The Company has not determined whether the publication of the documents had a material impact on the trading of the Company’s common shares. It had recently released preliminary financial results for its third quarter ended September 30, 2021, showing increased revenue and gross margins, as well as the disclosure of a possible spin-off of its AppLogiq business unit.
At the request of the management of the Company, the directors, control persons and third party service providers, and to the knowledge of the Company, during the last 90 days, none of these persons has executed any transactions on the securities of the Company for the purchase or sale of shares, with the exception of sales made by its CEO, Tom Furukawa, to satisfy the payment of withholding tax incurred on the acquisition of units of the Company. ‘restricted stock, as disclosed in a Form 4 filed with the SEC on September 9, 2021 (and disclosed in a press release issued on September 10, 2021) and certain purchases made by Company President Brent Suen, as reported on Form 4 filed with the SEC on August 27, 2021.
During the past year, the Company has engaged the following third parties to provide investor relations, public relations, marketing, advertising and other related activities: Civet (which engaged SCF and SSW) and Capital Market Access, which is the company’s investor relations firm.
From time to time in recent years, the Company has sold shares of its restricted common stock in private transactions at prices per share which constituted a reduction from the market rate at the time of the respective issuance. More recently, in November and December 2019, the Company sold a total of 2,240,000 restricted common shares in a private transaction to accredited individual investors at a price per share of $ 0.25, which constituted a reduction from the current market rate at the time of issue.
From April to August 2020, the Company entered into convertible promissory notes issued to various investors pursuant to which the Company borrowed $ 2,911,000. As disclosed in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 16, 2021, with the exception of two convertible promissory notes issued for a principal amount of $ 30,000, these notes were converted in ordinary shares of the Company. at $ 2.50 after the qualifying conversion date of July 17, 2021. On September 1, 2021, 1,169,652 common shares of the Company underlying these notes were issued in connection with this conversion. No such convertible instrument is currently in circulation. In addition, since August 2020, Logiq has sold common shares listed in several withdrawals from its Form S-3 at or near market price on the date of the sale of these common shares as well as an initial public offering. in Canada of registered common shares. and warrants. For more information on these past issues, please refer to the Company’s filings with the SEC at sec.gov.
For more complete and specific information regarding the Company, its outlook and the risks associated with such outlook, readers should consult the Company’s public documents on SEC and SEDAR, its website and other reliable sources. The Company encourages investors to contact their investment advisers before making any investment.
Logiq Inc. is a leading global provider of e-commerce solutions and business financial assistance, based in the United States. Its DataLogiq business provides an end-to-end data-driven marketing and consumer acquisition solution. Its AI-powered LogiqX ™ data engine delivers valuable consumer insights that improve ROI on online marketing spend and personalization. The company’s Fixel technology delivers streamlined online marketing with essential privacy features.
In its AppLogiq business, Logiq’s Platform as a Service, under the CreateApp ™ brand, enables small and medium businesses around the world to easily build and deploy a native mobile app for their business without technical knowledge or knowledge. CreateApp ™ enables businesses to reach more customers, increase sales, manage logistics, and promote their products and services in a simple, affordable and highly effective way.
CreateApp ™ is offered in 14 languages in 10 countries and three continents, including some of the fastest growing emerging markets in Southeast Asia. The company’s PayLogiq, under the AtozPay ™ brand in Indonesia, offers mobile payments, and GoLogiq, under the AtozGo ™ brand in Indonesia, provides hyper-local food delivery services. Connect with Logiq: website | LinkedIn | Twitter | Facebook.
Important Cautions Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. . This press release also contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws that relate to Logiq’s current expectations and opinions about future events. All statements that express or involve discussions regarding expectations, beliefs, plans, goals, assumptions or future events or performance (often, but not always, through the use of words or phrases such as ” will likely result “,” are expected “,” expects “,” will continue “,” is expected “,” anticipates “,” believes “,” estimates “,” intends “,” plans “, “Forecasts”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that could cause actual results differ materially from those expressed in these forward-looking statements. No assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this press release should not be improperly relied upon.
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the control of Logiq, which could cause actual results and events to differ materially. those that are disclosed or implied by such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our products and services, the continued use and / or demand for our products and services, expectations regarding our revenue and the revenue-generating potential of our products. and services, our strategic partnerships and alliances, the impact of global pandemics (including COVID-19) on demand for our products and services, industry trends, overall market growth rates, our growth strategies , the continued growth of addressable markets for our products and solutions, our business plans and strategies, the proposed separation of Logiq’s AppLogiq and DataLogiq businesses into two public companies, including, without limitation, our ability to locate and successfully complete the planned strategic transactions, the structure of such a transaction, the timing of this transaction and the valuation of the companies its after the completion of any such transaction, if any, and other risks described in the Company’s previous press releases and in its documents filed with the Securities and Exchange Commission (SEC), including its annual report on Form 10-K and any subsequent public filings, as well as filings made in accordance with Canadian securities legislation which are available at www.sedar .com, including under the heading “Risk Factors” in the Canadian prospectus of the society.
Logiq assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or to assess the impact of each of these factors or the extent to which a factor, or a combination of factors, may. lead to results materially different from those contained in any forward-looking statement. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Brent Suen, President
Contact by e-mail
Media and investor contact
Ronald Both or Justin Lumley
CMA Investor and Media Relations
Phone (949) 432-7566
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