Arlington, VA, USA, July 21, 2023 (GLOBE NEWSWIRE) Edge Total Intelligence Inc. (TSXV: CTRL, OTCQB: UNFYF, FSE: Q5i)(“edgeTI”, “We”, “Our” or the “Company”), wishes to provide an update on the settlement of debt (the “Debt Settlement”) owed by the Company to Lotus Domaine III LP (“Lotus”), an investment fund which is also a significant shareholder of the Company.
On June 1, 2022, the Company entered into a credit facility agreement with Lotus, pursuant to which Lotus agreed to make available to the Company a credit facility (the “Credit Facility”) in the authorized aggregate amount of up to US$1,000,000. On December 2, 2022, the parties amended the Credit Facility Agreement to, among other things, increase the amount available under the Credit Facility to US$5,000,000. The amount available under the Credit Facility was further increased to US$5,100,000 on January 20, 2023, and to US$5,950,000 on March 1, 2023.
In news releases dated March 20, 2023 and June 30, 2023, the Company announced that in connection with the Debt Settlement, it approved the issuance of a warrant to Lotus (the “Warrant“) to purchase 75,000 subordinate voting shares of the Company (“SVS”) at a price of CA $0.01 per SVS. The Company wishes to advise that it has not issued the Warrant to Lotus and Lotus and the Company have agreed that the Warrant will no longer be issued to Lotus as part of the Debt Settlement.
The Credit Facility, amendments to the Credit Facility and Debt Settlement remain subject to acceptance by the TSX Venture Exchange.
edgeTI helps customers sustain situational awareness and accelerate data-driven action with its real-time digital operations software, edgeCore™. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid experiences via the platform’s low-code development capability and compostable experiences. With edgeCore™, customers improve their margins and agility by rapidly transforming siloed systems and data across evolving, complex situations in business, technology, and cross-domain operations — helping them achieve the impossible.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, completion of due diligence by lenders, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, the impact of viruses and diseases on the Company’s ability to operate, competition and general economic, market or business conditions, and acceptance by the TSX Venture Exchange of the Credit Facility, the amendments to the Credit Facility and Debt Settlement. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.