The acquisition is subject to standard closing conditions, including the completion of due diligence activities, drafting and execution of a definitive purchase agreement, and board approval. Upon completion of the acquisition, Cognigen intends to enter into employment agreements with Commission Rivers’s founders, Adam Edwards and Patrick Oborn.
Under the letter, Cognigen proposes to issue 16 million shares of its common stock for the acquisition. The company has also signed a management services agreement with Commission River to provide day-to-day management services for Cognigen’s agent-based affiliate marketing business effective immediately.
Cognigen’s new CEO Bob Bench stated: We are excited to expand our business with the addition of Commission River. Commission River and its management team bring the capabilities and experience in the affiliate marketing area that enhance Cognigen’s existing abilities. We anticipate that this acquisition, if completed, will also add new technologies to Cognigen that will make it easier for agents and vendors to do business with us.
