Logiq Finalizes Agreement to Transfer AppLogiq Assets into Publicly Traded Subsidiary; Sets Record Date of December 30 for Shareholders of Logiq to Receive Shares in the Publicly Traded Subsidiary

Logiq, Inc., a global provider of award-winning consumer acquisition solutions, has finalized the terms of its agreement with Lovarra to transfer Logiq’s AppLogiq assets into Lovarra. The agreement follows Logiq’s recent acquisition of a control position in Lovarra, a fully reporting U.S. public company listed on the OTC Markets.

The agreement advances Logiq’s announced plans to separate its DataLogiq and AppLogiq businesses into two independent publicly traded companies. The next step will involve the transfer of AppLogiq assets into Lovarra before the end of the year.

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Logiq is also applying to FINRA to change the name of Lovarra to GoLogiq™ and obtain a new trading symbol. Logiq anticipates the name and symbol change process with FINRA will take several weeks.

Logiq shareholders of record on December 30, 2021 will receive shares in Lovarra/GoLogiq on a proportionate basis when Logiq distributes 100% of its Lovarra/GoLogiq shares to these shareholders. This distribution is planned to occur on or about June 30, 2022.

The AppLogiq assets includes CreateApp™, the award-winning software-as-as-service (SaaS) platform that enables small and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business. AppLogiq also includes platforms for mobile payments and food delivery, and the licenses of its technologies to third parties.

“We believe this separation will enable both of these business segments to better capitalize on their respective growth opportunities in the rapidly expanding e-commerce and fintech landscape,” stated Lovarra/GoLogiq CEO, Matthew Brent. “Our analysis of public market valuations and private equity funding for fintech companies operating in emerging markets indicates our standalone valuation at $100 million or more. This is before any potential M&As we expect to complete over the near term.”

Logiq also plans to transfer to Lovarra/GoLogiq its 31% beneficial stake in PT Weyland Indonesia Perkasa (WIP). WIP is the operator of the AtozGo™ food delivery service and AtozPay™ mobile e-wallet in Southeast Asia, which uses mobile transaction technology licensed from Logiq. The transfer of WIP is subject to the completion of related financial statements and customary conditions and approvals, which is expected to be completed by February 2022. Lovarra/GoLogiq plans to acquire the remaining 69% stake in WIP within the same timeframe.

The separation of DataLogiq and AppLogiq has attracted the attention of several potential strategic partners and customers. “We are now looking at several companies that could add complementary technology and strong revenue streams, and which could extend our presence across Southeast Asia,” added Brent.

Logiq recently reported a record revenue month in November, with this reflecting the company’s refocus on higher margin and more profitable revenue streams. The company’s gross margin percentage has improved every quarter of this year.

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