{"id":782521,"date":"2023-09-07T12:50:03","date_gmt":"2023-09-07T16:50:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\/"},"modified":"2023-09-07T12:50:03","modified_gmt":"2023-09-07T16:50:03","slug":"sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\/","title":{"rendered":"Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer<\/b><\/p>\n<p>SANTA FE, N.M. &amp; SUNRISE, Fla.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sigmaadditive.com%2F&amp;esheet=53550515&amp;newsitemid=20230907707314&amp;lan=en-US&amp;anchor=Sigma+Additive+Solutions%2C+Inc.&amp;index=1&amp;md5=e63cf38ee56b7b981ab521c7594bf255\">Sigma Additive Solutions, Inc.<\/a> (NASDAQ:SASI) (&#8220;Sigma&#8221;, &#8220;we,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;), a leading provider of quality assurance software to the commercial 3D printing industry, and NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida (\u201cNextTrip\u201d), today announced the signing of a non-binding letter of intent (the \u201cLOI\u201d) for Sigma\u2019s acquisition of 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock plus additional shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business performance of NextTrip. The parties have agreed to value Sigma shares for this purpose at $0.40 per share, giving the total transaction a starting valuation of approximately $48 million if all milestones are earned. The transaction, which will be subject to the negotiation and execution of a definitive agreement, will provide the opportunity for NextTrip to become a publicly traded company on Nasdaq. Separately, Sigma announced the signing of a non-binding letter of intent (LOI) to sell intellectual property assets related to its additive quality assurance product to a strategic buyer. The combination of the acquisition and sale of assets is targeted to maximize shareholder value.<\/p>\n<p>\nNextTrip is an innovative travel technology company that specializes in using proprietary technology, analytics, and strategic partnerships to provide specialized travel solutions in leisure, wellness, and business travel.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nNextTrip recently completed the acquisition and integration of a scalable travel booking engine that, prior to the COVID-19 pandemic, had a 6 million + legacy customer database and generated over $400 million in bookings in 2019. The parties expect that the booking engine acquisition will act as a significant accelerator to the company\u2019s business.<\/p>\n<\/li>\n<li>\nNextTrip has assembled a new management team that brings deep experience across key areas of the travel industry including online travel distribution, wholesale distribution and travel technology. The team\u2019s strong relationships and industry experience serve as a catalyst for positioning NextTrip as a significant player in the travel space.<\/p>\n<\/li>\n<li>\nIn 2023 NextTrip has established more than 200 direct relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services to ensure robust products and an offering of more than 2 million hotels worldwide.<\/p>\n<\/li>\n<li>\nNextTrip management believes this transaction will be transformational since, as a public company, NextTrip is expected to have access to additional sources of capital on more favorable terms to fund strategic growth initiatives, as well as the ability to tap into adjacent markets and more efficiently scale existing operations.<\/p>\n<\/li>\n<li>\nExisting Sigma shareholders and other equity holders will retain their equity interests in Sigma, which, if all business milestones of NextTrip are met, are expected to constitute a single-digit percentage of Sigma\u2019s fully diluted equity.<\/p>\n<\/li>\n<li>\nFollowing a period of strategic realignment which is tied to certain NextTrip business objectives, NextTrip&#8217;s potential future initiatives will be focused on driving the company&#8217;s renewed growth agenda, exploring strategic M&amp;A to drive revenue synergies through the expansion of product and travel consumer offerings, and continuing to invest in the development of innovative technologies to connect travel customers for discovery and booking domestic and international destinations.<\/p>\n<\/li>\n<li>\nAt closing, NextTrip CEO William Kerby is expected to become CEO of the publicly traded company and NextTrip will have the right to appoint a seat to the board.<\/p>\n<\/li>\n<li>\nSigma\u2019s existing board will be retained during the realignment period with NextTrip earning the right to designate additional board members and officers upon reaching business milestones.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Management Comments<\/strong><\/p>\n<p>\nJacob Brunsberg, President and Chief Executive Officer of Sigma, stated, \u201cWith our focus on increasing shareholder value as we explored a variety of strategic alternatives, we believe a transaction with NextTrip provides a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services. The transaction would imply a solid valuation for Sigma and good positioning in public markets. As well, we have a clear path to add value from the sale of Sigma\u2019s current assets in the business of process monitoring with our signed letter of intent from a strategic buyer to acquire the assets.<\/p>\n<p>\n\u201cNextTrip\u2019s recently acquired scalable booking engine and platform offers numerous proprietary booking solutions allowing travelers to customize itineraries to meet their needs. We believe NextTrip\u2019s leadership team is addressing a clear underserved demand for a differentiated and tailor-made approach in the online travel space. Our ambition is to allow NextTrip the ability to amplify its growth plans and expand its reach into new markets for the benefit of Sigma equity holders, while tying the issuance of additional equity to clear business objectives for NextTrip,\u201d concluded Brunsberg.<\/p>\n<p>\nLyndsey North, President of NextTrip, commented, \u201cThe transaction with Sigma will establish a partnership and path forward to accelerate growth. As NextTrip continues to roll out key technology developments and grow our footprint in the travel space, we believe the relationship with Sigma will bring additional leverage and momentum. The efforts of the NextTrip team to drive the business forward have established the brand and positioned it to be a disruptive force in the industry. We look forward to continued growth and product development. NextTrip\u2019s commitment to customer service, our deep supplier relationships and proprietary technology uniquely position us for a strong trajectory across multiple segments of the travel market.\u201d<\/p>\n<p><b>Key Transaction Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe transactions are expected to be completed in the fourth quarter of 2023, subject to the negotiation and execution of the definitive acquisition agreement, regulatory and shareholder approvals and other customary closing conditions. In connection with the transactions, Sigma is expected to change its name to NextTrip, Inc. and to be listed on Nasdaq under a new trading symbol reflecting the NextTrip name.<\/p>\n<\/li>\n<li>\nUntil the NextTrip transaction closes, Sigma Additive Solutions and NextTrip will remain separate, independent companies and will continue to operate as such.<\/p>\n<\/li>\n<li>\nLake Street Capital Markets is acting as exclusive financial advisor to Sigma.<\/p>\n<\/li>\n<\/ul>\n<p><b>About NextTrip:<\/b><\/p>\n<p>\nNextTrip is a technology-driven platform delivering innovative solutions for business and leisure travel. NextTrip Leisure provides individual and group travelers with vacations to the most popular and sought-after destinations in Mexico, the Caribbean and across the world. NextTrip Business is an online corporate travel and expense management solution with a large inventory of travel options and discounted rates. NextTrip Solutions offers travel technologies that make the jobs of alternative lodging property managers, wholesalers, distributors and other travel industry players easier and more efficient. For more information and to book a trip, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.NextTrip.com&amp;esheet=53550515&amp;newsitemid=20230907707314&amp;lan=en-US&amp;anchor=www.NextTrip.com&amp;index=2&amp;md5=035e0b5ec6e12f1de40fa237d7070c66\">www.NextTrip.com<\/a>.<\/p>\n<p><b>About Sigma Additive Solutions<\/b><\/p>\n<p>\nSigma Additive Solutions, Inc. is a leading provider of in-process quality assurance (IPQA\u2122) solutions to the additive manufacturing industry. Sigma specializes in the development and commercialization of real-time monitoring and analytics known as PrintRite3D\u00ae for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies by reducing waste, increasing yield, and shortening cycle times. Sigma believes its software solutions may be a major catalyst for the acceleration and adoption of industrial 3D printing.<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;prospects,&#8221; &#8220;outlook,&#8221; and similar words or expressions, or future or conditional verbs such as &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; and &#8220;could&#8221; are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, Sigma\u2019s ability to successfully negotiate a definitive acquisition agreement with NextTrip and the prospective purchase of its intellectual property assets, obtaining shareholder approval of the NextTrip transaction, and other conditions to completion of the acquisition, and complete the acquisition and any related transactions, and, failing that, to satisfy its capital needs through increasing its revenue and obtaining additional financing or implement an possible alternative strategic transaction. Sigma disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact Sigma\u2019s forward-looking statements, please see disclosures contained in Sigma&#8217;s public filings with the SEC, including the &#8220;Risk Factors&#8221; in Sigma&#8217;s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and which may be viewed at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53550515&amp;newsitemid=20230907707314&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=38fd81b81a0f9bfe69528a7c9ad89df2\">www.sec.gov<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230907707314r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230907707314\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230907707314\/en\/<\/a><\/span><\/p>\n<p><b>Sigma Additive Solutions Contact<br \/>\n<\/b><br \/>Chris Tyson<br \/>\n<br \/>Executive Vice President<br \/>\n<br \/>MZ Group &#8211; MZ North America<br \/>\n<br \/>949-491-8235<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:SASI@mzgroup.us\">SASI@mzgroup.us<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.mzgroup.us&amp;esheet=53550515&amp;newsitemid=20230907707314&amp;lan=en-US&amp;anchor=www.mzgroup.us&amp;index=4&amp;md5=a3375e328d1b7082ef8092eba358039b\">www.mzgroup.us<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Florida New Mexico<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Travel Software Internet Travel Data Management Technology Apps\/Applications Other Technology<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230907707314\/en\/1884113\/3\/SASI-NextTrip_Combined_Logo_9-6-23.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer SANTA FE, N.M. &amp; SUNRISE, Fla.&#8211;(BUSINESS WIRE)&#8211;Sigma Additive Solutions, Inc. (NASDAQ:SASI) (&#8220;Sigma&#8221;, &#8220;we,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;), a leading provider of quality assurance software to the commercial 3D printing industry, and NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida (\u201cNextTrip\u201d), today announced the signing of a non-binding letter of intent (the \u201cLOI\u201d) for Sigma\u2019s acquisition of 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock plus additional shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-782521","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer SANTA FE, N.M. &amp; SUNRISE, Fla.&#8211;(BUSINESS WIRE)&#8211;Sigma Additive Solutions, Inc. (NASDAQ:SASI) (&#8220;Sigma&#8221;, &#8220;we,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;), a leading provider of quality assurance software to the commercial 3D printing industry, and NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida (\u201cNextTrip\u201d), today announced the signing of a non-binding letter of intent (the \u201cLOI\u201d) for Sigma\u2019s acquisition of 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock plus additional shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business &hellip; Continue reading &quot;Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-07T16:50:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230907707314r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer\",\"datePublished\":\"2023-09-07T16:50:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/\"},\"wordCount\":1557,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230907707314r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sigma-additive-solutions-announces-lois-to-acquire-travel-technology-innovator-nexttrip-and-sell-assets-of-quality-assurance-software-to-strategic-buyer\\\/\",\"name\":\"Sigma Additive Solutions Announces LOIs to Acquire Travel Technology Innovator NextTrip and Sell Assets of Quality Assurance Software to Strategic Buyer - 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