Logiq Reports Continued Progress with Major Corporate Initiatives, with Strong Outlook for 2023 on Track

NEW YORK, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX:LGIQ), a leading provider of digital consumer acquisition solutions, provided a shareholder update today on its progress with a number of major corporate initiatives, including its pending merger transaction with ABRI SPAC I, Inc.

Q2 2023 Results: Logiq reported revenues of approximately $4.86 million for the second quarter ended June 30, 2023, increasing 37% sequentially and up 47% compared to results from continuing operations in the same year-ago quarter. A new major consumer product client signed in November 2022 has transitioned to Logiq’s programmatic advertising platform which should generate high-margin revenues. The associated credit facility to enable the ramp up of this business is dependent upon a listing on a senior stock exchange. The company believes the pending SPAC transaction with Abri SPAC I will provide such a listing, with this supporting its continued outlook for the annualized revenue run rate generated by its DataLogiq (DLQ) business to exceed $70 million by year-end.

DataLogiq (DLQ) Subsidiary SPAC Merger: The company has continued to progress toward the completion of the SPAC merger. Logiq and the SPAC have completed their response to an additional round of comments received from the Securities and Exchange Commission (SEC) regarding the merger and Form S-4 filing which was submitted on August 14, 2023. Typical SPAC transactions have been averaging 10-12 months for completion, and the process for Logiq’s SPAC merger is currently at 10 months.

Post-DLQ SPAC Plans: The company believes the currently struggling IPO market increases the attractiveness and value of public reporting companies like Logiq and particularly for M&A candidates looking to access to the capital markets. The previously announced merger exclusivity offered to the PrivCo announced in November expired on December 31, allowing Logiq to pursue negotiations with other potentially more favorable private companies looking to go public. The ideal target would enable Logiq to qualify for a listing on a senior stock exchange. Management is currently in late-stage discussions with several target companies that are greater in valuation than the aforementioned PrivCo.