The new company will be led by former In-Touch
CEO and current Executive Chair and director of In-Touch
, Michael Gaffney
will sell approximately $150,000 worth of assets which included a business concept and draft business plan into Project September.
Project September then, in conjunction with the sale of the assets, expects to receive a further investment of approximately $355,800 from seven other investors.
In addition, In-Touch
will make a further cash investment to cover working capital of $100,000 during fiscal 2014.
, for its assets and upon completion of its investment will retain approximately a 41% ownership in Project September.
The remaining shareholders, including Michael Gaffney
, will hold an ownership interest of approximately 59%.
will hold approximately a 38% ownership.
is an insider of In-Touch
(an "insider") and is participating in the transaction and as an insider is a related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").