.9 Oct 2020 16:05
KPI's got nothing to do with the funding.
The Company has signed a Letter of Intent (LOI) with a Central European investment group ("the New Investor") that has diverse multinational investment holdings, that is owned by an Ultra High Net Worth Individual (UHNWI). The LOI provides for a USD 5 million investment subject to key Conditions Precedent ("CPs") which are outlined below:
-- Completion of a technology audit once the SaaS platform has been fully built (target date end of Q1 2021);
-- Restaurant acceptance of BigDish-to-GO; and
-- Completion and acceptance of an international market expansion plan that supports a USD 5 million investment over an 18 month period.
Upon completion of the CPs, the Company and the New Investor will seek to upgrade the LOI to a Definitive Agreement by the end of the second quarter of 2021. If successful, the investment would be made into a Special Purpose Vehicle (SPV) to support international expansion and would not be dilutive to the Company.