Sprinkle AB announces change the terms of the acquisition by Stockholm IT Ventures AB.

Sprinkle AB announces change the terms of the proposed acquisition by Stockholm IT Ventures AB, which is publicly listed on the Frankfurt Stock Exchange

The board members of Sprinkle AB and Stockholm IT Ventures AB have decided to change the acquisition deal between the two companies. Since announcing the acquisition on April 26^th of 2019, the two companies have been working diligently to merge the two companies. After a month of preparation for the merger, it has become evident that the two parties would benefit more from working as business partners than actually being part of the same company. Therefore, it has been decided that it is in the best interest of both Sprinkle AB and Stockholm IT Ventures AB to change the acquisition deal to a partnership agreement.

The Acquisition Deal will not occur, and there will be no issue of shares for the transaction. Partnership agreements on commercial terms will put into place as soon as possible.

While working with the Stockholm IT Ventures’ management team during the acquisition process, Sprinkle AB has continued to develop their own strategy with the original goal of being listed on the Frankfurt stock exchange. Soon, Sprinkle AB will be listed on the Frankfurt stock exchange through a reverse take-over of a listed Frankfurt company and will add three new, exciting business units to their portfolio. Sprinkle AB will provide a separate press release with more details on the new strategy and direction in the coming days.

"The last month spent working with Stockholm IT Ventures to finalize the acquisition has been a great experience. However, it is in the best interest of Sprinkle AB to work with Stockholm IT Ventures AB as a business partner while pursuing its own strategy. Sprinkle wishes Stockholm IT Ventures all the best in their business. I look forward to continuing our business relationship as partners while working towards similar goals.” - Ian Cassiman, CEO Sprinkle AB.

Comment from Bert Scheen CEO Stockholm IT Ventures AB: We look forward to working in close partnership with Sprinkle AB. It has become evident over the past weeks that we have much to offer each other’s business in the execution of our strategies – but our strategies are different and this agreement will benefit both our businesses more than being part of the same company.