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Shell Summary for Oct. 2, 2019

2019-10-02 21:46 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 554.84 Wednesday. Darryl Cardey's capital pool shell, Cairo Resources Inc. (QAI: halted), plans to acquire an Eastern Canadian tech firm called Swarmio Inc. for the shell's qualifying transaction. The shell will roll back 1 for 1.2, leaving it with 1,567,894 shares issued, then issue 47.5 million shares to its target's shareholders.

Swarmio was founded in 2014 as Ubique Networks Inc. It offers a cloud-based platform, called Swarmio, that is primarily designed for e-sports (competitive video gaming) players. Specifically, the Swarmio platform eliminates the typical connection lag that annoys players when a video game is running on multiple Internet servers. The interruption usually lasts for several milliseconds each time it occurs.

Swarmio's platform is not only for playing video games on-line. According to the company's website, part of its platform, called Swarmio Matrix, enables video game developers and e-sports tournament organizers to host video game competitions. Another part of the platform, called Swarmio Hive, can support not only on-line video games but also telecommunications networks and enterprise systems. A third part of the platform, Swarmio Live, is for marketing, particularly targeting e-sports fans and their on-line communities.

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