Tel Aviv, Israel-March 6, 2020–Israeli Technology company, Pai-Tech, has canceled its acquisition with its parent group, Horizons Holdings, Inc. HZHI.
Announced in December 2019, the acquisition agreement with Horizons Holdings had become one of several controversies centering on Horizon Holdings, Inc.’s inability to file financial disclosures, make timely payments and communicate with staff.
In a statement today, Pai-Tech stated its agreement with Horizon Holdings had been terminated following “arm’s length negotiations” between the concerned parties.
In today’s statement, The Horizons Holdings agreement had been terminated “to further minimize the amount of connected transaction” between the two entities.
It went on to say that termination of the deal would allow Pai-Tech to draw on a wider pool of investors and customers to “enhance the flexibility of its core technology business”.
About PAI-TECH ARTIFICIAL INTELLIGENCE LTD.
PAI-TECH makes computers smarter through the power of intelligent bots and is revolutionizing computer software with the development of the world’s first Bot Operating System Standard (B.O.S.S.). PAI-BOSS provides a distributed operating system powered by PAI-BOTS that run advanced AI algorithms and offer real-time, autonomous and distributed solutions. The company has developed a portfolio of Intellectual Property and has filed several patents to the USPTO.
For more information, please visit: https://www.pai-tech.org