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Shell Summary for Feb. 18, 2021

2021-02-18 20:45 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 12 points to 1,072 Thursday. James Cassina's Good2Go Corp. (GOTO: halted) plans to acquire NowVertical Group Inc. for the shell's qualifying transaction. The terms are not yet available, but the shell may roll back its shares.

NowVertical was formed in September and has since acquired two start-ups, which offer data analytics software for government agencies and "automotive" businesses. Through the two start-ups, NowVertical now has four kinds of data management and analytics software: Signafire, Hailstorm, Seafront and Aperture. We should find out whether there are any sales or profits from these products when the shell submits a QT filing statement. NowVertical plans to raise $5-million, no terms yet.

The chief executive officer of NowVertical is Daren Trousdell, 41, an on-line marketing man. From 2011 to 2017, he ran OneUp Games LLC, the operator of a then-popular but now-defunct sports website called OneUp Sports. It produced sports videos, posted them on its website and generated ad revenue. Among its shareholders was the National Football League. In its last few years, OneUp Games piled up debts and failed to pay its employees, contractors, distributors, vendors and others. Despite raising $25-million over five years, Mr. Trousdell said that the company had a "tight budget." It faced various lawsuits, including one from the Major League Baseball Players Association over $225,000 in unpaid rights fees. OneUp Games has gone out of business.

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