Namesilo enters LOI to acquire Reach Systems

Mr. Paul Andreola reports NAMESILO TECHNOLOGIES CORP. ENTERS LETTER OF INTENT TO ACQUIRE 100% OF REACH SYSTEMS INC. Namesilo Technologies Corp. has entered into a letter of intent to acquire 100 per cent of the issued and outstanding shares of Reach Systems Inc. based in Nanaimo, B.C., Canada. Reach Systems is a Canadian-based engineering and manufacturing firm that specializes in the design and assembly of remote inspection equipment, cable/tether management systems, and underwater/subsea camera and winch solutions. Its products are used in oil and gas, petrochemical, subsea/underwater, marine, robotics, and confined space inspection industries. Reach designs and manufactures tether reels and smart winches used to deploy and manage cables/tethers for remotely operated vehicles, camera systems, robotics and other remote tools. It also offers underwater inspection cameras, Internet protocol cameras with high resolution, low-light performance and streaming video capabilities for applications like confined space inspections, subsea work and remote monitoring. Additionally, the company provides accessories like cable counters, encoder wheels (for measuring cable lengths), field monitors and full turnkey video inspection systems. Under the terms of the LOI, Namesilo and Reach have agreed to settle the terms of a definitive share purchase agreement whereby Namesilo will acquire all of the issued and outstanding shares of Reach. In consideration thereof, the total payable for Reach will be $4.5-million. The purchase price of the transaction was determined by arm's-length negotiations of the parties. None of the insiders of Namesilo have a relationship with the insiders of Reach. Closing of the acquisition of Reach is subject to the parties entering into a definitive share purchase agreement, completion of due diligence of Reach by Namesilo and satisfaction of the conditions set forth in the definitive share purchase agreement. About Namesilo Technologies Corp. Namesilo invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets, and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. Namesilo does not invest on behalf of any third party, and it does not offer investment advice. Namesilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, Namesilo is one of the fastest-growing domain registrars in the world with approximately 5.7 million active domains under management from approximately 160 countries. We seek Safe Harbor.