TORONTO, Ontario—PUDO Inc has acquired certain assets and assumed certain liabilities from 640624 N.B. Ltd. Deb Kinek (Kinek), a New Brunswick-based corporation involved in the operation of an international network of alternative delivery locations that accept and store packages.
Acquisition of the Kinek network adds approximately 109 operating parcel pick up and drop off locations with approximately 179,000 users to the PUDO network in the US and Canada. The Kinek locations will be immediately renamed PUDO Point, with no interruption in service.
Under the terms of the agreement, PUDO will issue 116,745 common shares at a deemed price of $3.14 CAD per share as consideration for the acquired assets. Pursuant to the terms of the agreement, Kinek will have the right to nominate one director to the board of directors of PUDO for the ensuing year.
“Our acquisition provides over 100 new PUDO Point locations, primarily along the US-Canada border,” said Frank Coccia, PUDO Inc’s CEO. “With 75 percent of Canadians living within 161 kilometres of the United States and e-commerce redefining consumer purchasing behavior, PUDO is providing a new avenue for consumers to enhance and personalize their purchase delivery options.”
“This was an opportunity for Kinek to quickly meet its vision for more convenient parcel delivery,” said Karen Speight, CEO of Kinek. “The PUDO network is changing the way North America ships and our customers will be the beneficiaries with a much broader network of PUDO Points.”
PUDO currently has more than 5,000 PUDO Point dealers signed up across North America, and a network that continues to grow each day with authorized dealers becoming operational. For these dealers, PUDO provides opportunities for additional foot traffic and the potential for repeat customer business. As the last mile delivery solution for e-commerce purchases, PUDO has created affiliate agreements with some of North America’s most well-known retailers, including Amazon, eBay, Hudson’s Bay and Walmart to ensure customers never miss a home delivery again.
PUDO was named one of the Top 20 Most Innovative Public Technology Companies by the Canadian Innovation Exchange in 2015.
In 2012, Kinek was a Silver Award recipient at the US Edison Awards, honouring excellence in new product and service development.