Manado Provides Business Update on Proposed Target InsuraGuest Inc.
Vancouver, November 20, 2019 - Manado Gold Corp. (TSXV: MDO) ("Manado") announces it has received conditional approval to acquire InsuraGuest Inc. ("InsuraGuest"), a software-as-a-service (SaaS) company focused on InsurTech and is providing an update on recent news and developments.
History of InsuraGuest Business Development
InsuraGuest was incorporated in Utah Sept. 21, 2017, and is headquartered in Salt Lake City. From its inception until the end of 2018, InsuraGuest concentrated its resources on the development of its proprietary InsurTech software platform. The InsurTech platform facilitates the delivery and maintenance of insurance products issued by licensed insurers. The platform integrates property management systems (PMS) at hotels and vacation rental properties to deliver a specialized product that provides primary insurance coverage for registered guests. Coverage includes personal property, accidental medical expense, and accidental death or dismemberment. The benefit to the property is that certain liabilities are transferred to the policy and away from the property.
InsuraGuest's software platform is now developed and integrates with over 71 PMS systems giving the company access to approximately 40,000 properties worldwide. InsuraGuest has also established crucial relationships with insurance providers and licensed brokers. The company now offers its product to hotel properties and vacation rentals in the United States, with plans to expand worldwide by 2020.
InsuraGuest Recent Developments
October 2019
- Signs contract with Lexington Hotel and Conference Center a 300+ room hotel in Jacksonville, Florida
- Signs contract with Cal-Vegas® for its Red Lion Inn & Suites® property located in Columbia, South Carolina
September 2019
- Signs LOI to sell its product in the United Kingdom and the European Union, with plans to expand to Asia in 2020
- Announces its entrance into the vacation rental sector by signing its first vacation rental property management system, Hostfully Inc. www.Hostfully.com
August 2019
- Announces international sales contract with world renowned hotelier Roger Bloss.
July 2019
- Signs contract for the commercial installation of the InsuraGuest's Program at WISP Resort, a 168-room resort in McHenry, Maryland
March 2019
- Obtains specialized master policy insurance product from Great American Insurance Group for use as insurance coverage provided to hotels and their guests under the InsuraGuest Program
February 2019
- Installs and completes testing of the InsuraGuest Program at a 200+ room hotel in Wintergreen, Virginia
January 2019
- Obtains an insurance product from Prime Insurance Company for use as insurance coverage provided to hotels and their guests under the InsuraGuest Program
Transaction Completion
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. The shareholder meeting is set for Nov. 29, 2019. There can be no assurance that the transaction will be completed as proposed or at all. For further details please refer to Manado's Information Circular filed on SEDAR and the news release dated Nov. 6, 2019.
About InsuraGuest Inc.
InsuraGuest Inc. is a SaaS company, which has developed and is utilizing a proprietary InsurTech software platform, that is, technology aimed at facilitating the delivery and maintenance of insurance products issued by licensed insurers. InsuraGuest's software integrates with hotels and vacation rentals Property Management Systems through its application program interface, to deliver a specialized product that has an insurance component which provides primary insurance coverage for a registered guests personal property and accident medical expense, as well as providing accidental death & dismemberment benefits while on property. The benefit of InsuraGuest's model is it uses an InsurTech software platform to provide a product that transfers certain risks from the property to the policy.
Manado Gold Corp.
Logan Anderson
President
For further information, please contact:
Investor Relations: Manado
Dave Ryan
Phone: (604) 685-4745
Email: manadogold@outlook.com
Investor Relations: InsuraGuest Inc.
Phone: 212-466-6200 Ext. #1
Email: Info@InsuraGuest.com
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Manado cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Manado's control, including among others: that Manado will complete a private placement; that Manado will obtain all necessary court, shareholder and regulatory approvals for the arrangement; that Manado will be able to complete the arrangement as expected. Investors should be cautioned that all forward-looking statements are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that Manado may not complete its private placement; that Manado may be unable to obtain all necessary court, shareholder and regulatory approvals for the arrangement as and when expected or at all; that the arrangement may not be completed as expected or at all. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Manado undertakes no obligation to publicly update or revise forward-looking information.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49906
