WEST HOLLYWOOD, CA, Dec. 31, 2020 (GLOBE NEWSWIRE) -- LGBTQ Loyalty Holdings, Inc. (OTC PINK: LFAP) ("LGBTQ Loyalty" or “the Company”), a diversity and inclusion driven financial methodology and data company has entered into a Non-Binding Contingent Letter of Intent to sell some of its intellectual property held by its wholly-owned subsidiary, Advanced Equality Preference, Inc. (the “Transaction”). The proposed purchase price may consist of a combination of cash, securities, and other consideration, including a non-exclusive license.
The Transaction would permit the Company to retain its’ interest in the LGBTQ100 +ESG Index, its interest in the benchmark linked ETF and other LGBTQ related property rights.
The final structure of the Transaction will be determined by the parties following the receipt of tax, corporate and securities law advice. The Transaction is an arm’s length transaction and pursuant to the terms of the Letter of Intent the parties intend to close the Transaction on or before March 31, 2021.
Completion of the Transaction is subject to a number of conditions, including but not limited to the following key conditions:
- execution of the definitive agreement;
- completion of mutually satisfactory due diligence; and
- receipt of all required regulatory, corporate, and third-party approvals, including the approval of the members of the board of directors and stockholders of each company, as necessary, and the fulfillment of any applicable regulatory requirements and conditions necessary to complete the Transaction.
As more information becomes available, LGBTQ Loyalty Holdings Inc. will release more information.
About LGBTQ Loyalty Holdings, Inc.
LGBTQ Loyalty is a diversity and inclusion-driven financial methodology and data company that quantifies corporate equality alignment with the LGBTQ community and minority interest groups. The Company has benchmarked the first-ever U.S. Loyalty Preference Index which the Company believes empowers the LGBTQ community to express their preferences for the nation's high performing corporations most dedicated to advancing equality. The Loyalty Preference Index, branded as LGBTQ100 ESG Index, is an environmental, social and governance (ESG) Index, offering an added perspective for those seeking to align with equality driven ESG responsible corporations. LGBTQ Loyalty's leadership includes seasoned authorities in the financial industry and the LGBTQ community. www.lgbtqloyalty.com
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Transaction. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. 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 based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections, and other forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
LGBTQ Loyalty Holdings, Inc.
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