United Royale Group Holdings Corp (OTCMKTS:URYL) on July 30, 2021 announced execution of non-binding letter of intentwith the creator of Northern Shield cloud platform, TrueNorth Quantum Inc.
URYL will do acquisition of all outstanding and issued common shares of TrueNorth. This will be done through 14 common shares of URYL for each common share of TrueNorth, making TrueNorth also its subsidiary. The companies are negotiating on the definitive documents for structuring the transaction.
TrueNorth Quantum Inccloud platform will be used for building institutional-grade decentralized applications in MedTech, FinTech,AgTech, and HealthTech United Royale Group Holdings Corp.
The common shares of URYL are quoted on OTC Markets’ OTCQB market and the transaction will be done based on approval of shareholders of TrueNorth as well as any other conditions that may be applicable in case of such transactions.
TrueNorth will also issue a press release comprising the details on the definitive agreements as well as terms of the transaction, once the agreement is finalised between TrueNorth as well as URYL. This is expected to be happen shortly.
TrueNorth Quantum Inc creates innovative, scalable and institutional-grade cloud platform enabling quick scale of decentralized applications across multiple industries. Its Northern Shield Platform provides advanced data security protocols as well as workflow management.
Shares of URYL are up 15% to $0.75 in the opening session.