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.
The Company had previously entered into a Letter of Intent, dated February 20, 2018, for the purchase of Recommerce Group, Inc., but the parties were unable to reach a final agreement at that time, and the Letter of Intent expired.
The combination of the Recommerce advanced technologies combined with its industry veterans on its management team makes Recommerce the premier Reverse Logistics provider for global manufacturers, retailers, and ecommerce resellers alike.
Recommerce and its highly skilled management team and talent pool, along with its robust software and technology, allow for global manufacturers, retailers and ecommerce resellers, to manage, receive, remanufacture, process, re-sell and ship their returns and remanufactured product all through the Recommerce "Single Source End to End" Solution. The ability to control the entire process through a single provider enables the highest level of product and financial recovery with decreased cycle times for Recommerce clients. This process mitigates significant losses on behalf of our clients while simultaneously reducing their losses and mitigating channel conflict by re-selling the goods into controlled primary, secondary & tertiary marketplaces.
The Recommerce Technology Service Platform, with its KIRV Omni Channel Sales platform coupled with the Global3pl and UrbanX Logistics software for forwarding logistics, inventory management, and last mile/white glove delivery, creates an extreme competitive advantage within the reverse logistics industry.
Darren Krantz, President, and CEO of Recommerce will become the President & CEO of the new holding company, iRecommerce Technologies, Inc. Mr. Krantz stated, "We are pleased to complete this transaction and continue to execute and expand the iRecommerce solution to the market. By combining Technology and Human Capital, a complete end-to-end solution for Forward and Reverse Logistics, Remanufacturing, Recycling, B2B/B2C Omni Channel sales will create a disruptive competitive advantage. We look forward to executing the business model and providing services to some of the leading Global Manufacturers & Retail Brands."
Rob Gielt President and CEO of Cannagistics, added, "We at Cannagistics are incredibly happy to have the opportunity to join with Recommerce and create a complete forward and reverse chain logistics company. We can not only manage the supply chain for our clients but will be able to assist our clients with the remanufacturing and selling of all manner of returns as well as provide our clients with the maximum value for resale of these products, coupled with the robust logistical SAAS platform of Global3pl, UrbanX, and AFX, thus providing the first fully integrated forward and reverse logistical technology company."
About Cannagistics, Inc.: Cannagistics, Inc. is a Nevada based, technology and software-based logistics company, engaged on the digital supply chain logistics business.
The company trades on the OTC Markets under the symbol "CNGT."
Cannagistics has the following websites:
www.cannagisticsinc.com
www.cannagistics.io
www.global3pl.io
afxlogisticsgroup.com
urbanxnetwork.com
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information, contact:
CANNAGISTIC, INC.
Rob Gietl, President and CEO
631-676-7230
SOURCE: Cannagistics, Inc.