Akerna Exercises Option to Acquire Remaining Stake in solo sciences inc.
solo*CODEs In-Market Surpass One Million
DENVER, July 23, 2020 /PRNewswire/ -- Akerna (Nasdaq: KERN), a leading enterprise software and compliance technology provider and developer of the cannabis industry's first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), has exercised its option to acquire the remaining 20% of solo sciences inc., upon closing of the option Akerna will own 100% of solo sciences inc. Akerna received shareholder approval to exercise the option in a shareholder vote last month.
"Akerna and solo sciences share a vision to protect consumers from dangerous counterfeit products," said Jessica Billingsley, chief executive officer, Akerna. "Today, more than one million solo*CODEs have been sold, a major milestone, and another step in our commitment to create the pre-eminent global technology platform, addressing the entire supply chain and its regulatory bodies through accountability and transparency."
solo sciences technology surpasses legacy authentication tools by closing the loop between the user and the manufacturer. Each solo*CODE has a unique fingerprint, a solo*TAG, for every package, augmented by the solo* app, which confirms if a product is real or fake. The technology is complementary to Akerna's MJ Platform ERP system and is driving consumer safety through its anti-counterfeiting technology and alert functionality. Manufacturers that use a solo*CODE™ proprietary graphic trust mark on their product packaging enable consumers to scan products with the solo* phone app and learn if a product is real or fake and get real-time notifications. Additionally, solo*TAG is an alternative tagging technology to RFID for state tracking systems, where solo*TAG is used by Akerna's government track and trace software, Leaf Data Systems, to service its contract with the state of Utah.
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Closing of the option is expected to occur on or about July 31, 2020, and is subject to final regulatory approvals and customary closing documentation.
Akerna is a global regulatory compliance technology company. Akerna's service offerings include MJ Platform®, Leaf Data Systems®, solo sciences tech platform and Ample Organics. Since its establishment in 2010, Akerna has tracked more than $18 billion in cannabis sales. Akerna is based in Denver. For more information, please visit www.akerna.com and follow us on Twitter @AkernaCorp.
Certain statements made in this release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding the anticipated closing of the option. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of significant known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Akerna's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others that may affect actual results or outcomes, include (i) Akerna's ability to maintain relationships with customers and suppliers and retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the market place due to the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna's filings with the U.S. Securities and Exchange Commission, including those under "Risk Factors" therein. You are cautioned not to place undue reliance on forward-looking statements. All information herein speaks only as of the date hereof, in the case of information about Akerna, or the date of such information, in the case of information from persons other than Akerna. Akerna undertakes no duty to update or revise the information contained herein. Forecasts and estimates regarding Akerna's industry and end markets are based on sources believed to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
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Released July 23, 2020