Cannagistics, Inc., enters into Letter of Intent to Acquire Recommerce Group, Inc.

Feb 01, 2021

HAUPPAUGE, NY / ACCESSWIRE / February 1, 2021 / Cannagistics, Inc. (OTC PINK:CNGT) (the "Company" or "Cannagistics") announces that the Company has entered into a Binding Letter of Intent, dated January 26, 2021, with Recommerce Group, Inc. ("Recommerce") (http://recommercegroupinc.com/) and KIRV LLC (ikirv.com), a cutting edge disruptive reverse logistics company, headquartered in Ronkonkoma, New York, with operations in Pennsylvania and Ontario Canada, whereby the Company will acquire Recommerce Group, Inc., and related subsidiaries and assets, as a wholly-owned subsidiary, and as part of a corporate reorganization of the Company. The closing is based upon completion of proper due diligence by the parties and agreement on definitive documents, as well as the necessary funding being in place. The closing is to be targeted to take place on or about March 31, 2021. Pursuant to the Letter of Intent, both parties may extend the date of closing upon mutual agreement. Post-closing, it is anticipated that the new holding company will be known as iRecommerce Technologies, Inc.

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