Vancouver, BC. August 02, 2023 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”) an AI-driven financial technology company, is pleased to announce the completion of the earn-out on the purchase of Inverite Verification Inc.
The second year and final Annual Incremental Revenue (“AIR”) Earn-out provision that was part of the Inverite Verification Inc acquisition which closed on April 12, 2021, has been met and that 2,907,011 shares have been issued to the seller at a deemed price of $0.235 per share. The shares will be legend based on the following release schedule.
• 20% of the Earn-Out Shares after four months and one day from the date of issue;
• 10% of the Earn-Out Shares after nine months from the date of issue;
• 15% of the Earn-Out Shares after 14 months from the date of issue;
• 20% of the Earn-Out Shares after 19 months from the date of issue; and
• 35% of the Earn-Out Shares after 24 months from the date of issue.
About Inverite Verification Inc., Inverite, a Canadian open banking and consumer-directed finance provider, offers banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and know-your client/anti-money laundering purposes. Inverite operates a cloud-based SaaS platform such that its technology solutions can be integrated into customer systems. Inverite currently offers three SaaS services to customers, namely, Bank Verification, ID Verification and Confidence Scoring. Inverite can access data from 286 Canadian financial institutions and offers multiple application programming interfaces to access up to one year of user financial data in seconds for its bank verification service, and has plugins available for most popular e-Commerce platforms, including WooCommerce and Shopify.
For further information about Inverite, please visit: https://Inverite.ai
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0):
Marble is a leading provider of software-as-a-service (SaaS) solutions that empower businesses to acquire and use real -time financial data to better transact with consumers. Along with enabling smarter marketing ROI for partners seeking increased conversion rates to those consumers that require further monitoring, predictive financial recommendations, and guidance to rehabilitate them to transact in the future. Utilizing Marble’s proprietary and proven artificial intelligence data-driven technology platforms, Inverite, Accumulate.ai and MyMarble, businesses and consumers are empowered in real-time, access to a 360 financial profile that includes credit and banking data. Marble leverages machine learning, artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
For further information about Marble, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: ir@marblefinancial.ca
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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This news release may contain forward-looking statements and information (“FLSI”) within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. FLSI is subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and is based on assumptions, the occurrence or inaccuracy of which, as the case may be, could cause actual results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement. Any FLSI in this press release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.