TORONTO and TAMPA, Fla., July 30, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF), a technology company creating a more transparent and accessible real estate lending ecosystem, today announced the signing of a definitive agreement on Friday July 26, 2024, to establish a groundbreaking strategic joint venture with University Bancorp, Inc. (OTCQB: UNIB). Under the terms of the agreement, University Bancorp, Inc. (“University”) will lead a group of strategic mortgage industry investors, acquiring a 50.5% stake in Blue Water Financial Technologies Holding Company, LLC, an indirect subsidiary of Voxtur (“Blue Water”), for an upfront cash payment of $30M USD, plus a $9.5M USD earnout subject to the platform hitting certain financial milestones (the “Transaction”). This joint venture is set to pave the way for Voxtur, Blue Water and University to realize transformative growth and business development.

Voxtur expects that the majority of the cash proceeds will be used to pay off its outstanding debt owed to Bank of Montreal. The cash infusion will be instrumental in positioning the Company for a stronger financial future and enhanced operational flexibility. This financial boost not only alleviates debt, but also fuels Voxtur’s strategic initiatives, ensuring a solid foundation for its continued success and innovation.

CEO of Voxtur, Gary Yeoman, added, “We are delighted to welcome University as a major strategic and collaborative partner. This joint venture not only strengthens our financial position but also opens new avenues for strategic investments and technological enhancements. We look forward to the exciting journey ahead and the mutual benefits this partnership will deliver.”

“Our collaboration with Blue Water represents a pivotal moment for University,” said Stephen Lange Ranzini, CEO of University. “The joint venture with Blue Water brings substantial synergies to our existing businesses and to Blue Water. In addition, we plan to leverage our ability to add technology to Blue Water’s Mortgage Asset Marketplace Platform to enable enhanced value-added services for its mortgage industry clients.”

The collaboration between Voxtur and University represents a forward-thinking approach, combining financial strength with strategic vision, and will contribute to a brighter future for all stakeholders.

Led by University, this joint venture also will bring onboard strategic investors in the mortgage industry who are poised to leverage the Blue Water platform’s robust capabilities. This partnership will create new opportunities for collaboration, drive technological advancements, and foster a dynamic environment for future growth.   The Transaction is subject to various closing conditions, including but not limited to, financing by University and regulatory approval, and is expected to close before the end of the Company’s third quarter.

This transaction is subject to approval by the TSXV. No finders fees will be paid with respect to this Transaction.

About Voxtur

Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur's proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.

About Blue Water

Blue Water provides its mortgage industry customers with mortgage asset marketplace services across eight lines of business:

About University Bancorp

Ann Arbor-based University Bancorp owns 100% of Crescent Assurance, PCC, a captive insurance company licensed in Washington DC, and 100% of University Bank. University Bank together with its Michigan-based subsidiaries, holds and manages a total of over $40 billion in financial assets for over 195,000 customers, and our 492 employees make us the 5^th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank^® is the 15^th oldest bank headquartered in Michigan. We are proud to have been selected as the "Community Bankers of the Year" by American Banker magazine and as the recipient of the American Bankers Association’s Community Bank Award. University Bank is a Member FDIC. The members of University Bank’s corporate family, ranked by their size of revenues are:

• UIF, a faith-based banking firm based in Southfield, MI;
• University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
• Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
• Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
• Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor;
• Reverse Mortgage Lending, a reverse residential mortgage lender based in Southfield, MI;
• Mortgage Warehouse Lending, a mortgage warehouse lender based in Southfield, MI; and,
• Hyrex Servicing, a mortgage asset management firm based in Southfield, MI;

University Bancorp’s common shares are traded in the US on the OTCQB under the symbol UNIB.

Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, , will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: implementation of new products; changing global financial conditions; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.

This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

Voxtur Contact:
Jordan Ross
Chief Operating Officer
Tel: (416) 708-9764
Email: jordan@voxtur.com 

For media inquiries:
Jacob Gaffney
Tel: (817) 471-7627
Email: jacob@gaffneyaustin.com 

University Bancorp Contact:
Stephen Lange Ranzini
President and CEO
Tel: (734) 741-5858, Ext. 9226
Email: ranzini@university-bank.com