Canuc Provides Update for IoT Strategi c Partnership Agreement Canuc Resources
www.canucresources.ca
6939553 v6
FOR IMMEDIATE RELEASE
TSX
-
V: CDA | CNUCF |
WKN:
A14 ZX4
January
1
7
th
, 20
20
Shares Outstanding:
62,264,150
ISIN: CA1389093040
Canuc
Provides Update
for
IoT
Strategi
c Partnership Agreement
Canuc Resources
Corporation (“
Canuc
” or the “
Company
”) (TSX
-
V
:
CDA)
is pleased to
provide
an update
on the
previously announced
Partnership Agreement
with
an
Internet of Things
(IoT)
service provider firm
.
The
Partnership Agreement
is
structured
for Canuc to become a
Strategic
Partner
to
the I
o
T Firm
with the
ability
to sell and promote
s
pectrum network
in key jurisdictions
throughout North America
.
The
Partnership Agre
ement was signed with
Ioticiti Networks Inc
(“Ioticiti”)
(www.ioticiti.com)
.
Ioticiti is
an IoT Firm
with Industrial IoT solutions des
igned to service Oil & Gas/Mining and
other industries.
U
nder the
terms of the
Partnership
Agreement
,
Canuc is provided exclusiv
ity
for
oil &
g
as
and
m
ining business ap
p
lications
in the Provinces of Alberta
and
Saskatchewan and
in the State of
Texas, USA
. Canuc
will receive a 20% gross revenue share from
Ioticiti for all sales brought
forward
and
Ioticiti
will be responsible for providing equipment
, labor and warranty
for
sales.
Canuc is currently
in talks with
o
il &
g
as
production and service companies,
and
with m
ining
c
ompan
ies
that have
operations
in western Canada
. C
anuc is
expecting to
bring
n
ew
clients to
Ioticiti
within the first quarter of 2020.
About
Canuc
Canuc is a junior
resource
company holding the San Javier Silver
-
Gold Project in Sonora State,
Mexico. The Company generates cash flow from natural gas production at its MidTex Energy
Project in Central West Texas, USA where Canuc has an interest in
eight producing gas wells and
has rights for further in field developments. Canuc also has exclusive rights through a Partnership
Agreement
with Ioticiti Networks Inc.
to sell Industrial IoT applications and infrastructure in the
Provinces of Alberta and
Saskatchewan, Canada and in the State of Texas, USA.
For further information please contact Canuc Resources Corporation:
(416) 548
–
9748
Disclaimer and Forward
-
Looking Statements
This news release cont
ains forward
-
looking statements within the meaning of applicable securities laws relating to
the Transaction, including statements regarding the terms and conditions of the Transaction. Readers are cautioned
not to place undue reliance on forward
-
looking s
tatements.
Actual results and developments may differ materially
from those contemplated by these statements depending on, among other things, the risk that the parties will not
proceed with the Transaction, that the ultimate terms of the Transaction will
differ from those currently contemplated,
www.canucresources.ca
6939553 v6
and that the Transaction will not be successfully completed for any reason (including the failure to obtain the required
approvals or clearances from regulatory authorities, including the
Exchange
). If the Transact
ion is not completed,
and the Company continues as an independent entity, there is the risk that the announcement of the Transaction and
the dedication of substantial resources of the Company to the completion of the Transaction could have an adverse
impac
t on the Company
’
s existing business and strategic relationships, operating results and business generally.
When
used in this news release, the words
“
estimate
”. “
project
”, “
anticipate
”, “
expect
”, “
intend
” “
believe
”, “
hope
”,
“
may
”
and similar expressions,
as well as
“
will
”, “
shall
”
and other indications of future tense, are intended to identify
forward
-
looking statements. The forward
-
looking statements are based on current expectations and apply only as of
the date on which they were made.
The statements in
this news release are made as of the date of this release.
Additional information identifying risks and uncertainties is contained in Canuc's filings with the Canadian securities
regulators, which are available at www.sedar.com.
Completion of the Transac
tion is subject to Exchange acceptance. There can be no assurance that the Transaction
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the
Transaction, a
ny information released or received with respect to the Transaction may not be accurate or complete
and should not be relied upon.