The Corporation also announces debt settlement
MONTREAL, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Intema Solutions Inc. (“Intema” or the “Corporation”) (TSXV: ITM, OTCMKTS: ITMZF), maker of eFlyerMaker.com, an email platform with extensive compliance and content creation suites, announces that it has ended its negotiations to acquire PUBLIPAGE, Inc., by mutual agreement with PUBLIPAGE. Intema will continue to conduct its core permission-based email marketing activities while remaining open to opportunities that will allow it to achieve its growth objectives.
The Corporation has also entered into agreements with creditors to settle indebtedness of the Corporation in the aggregate amount of $294,975 by way of a shares-for-debt transaction at a price of $0.025 per common share of the Corporation for a total aggregate of 11,799,000 shares.
The creditors include an officer who will receive a total of 800,000 shares of the Corporation. Accordingly, the debt settlement with this officer is a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Holders in Special Transactions. The Corporation is relying on the exemption from the valuation requirement and the minority approval requirement pursuant to subsections 5.5 (a) and 5.7 (a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Corporation’s market capitalization, as determined in accordance with MI 61-101.
The debt settlement is subject to approval of the TSX Venture Exchange. All shares issued pursuant to the debt settlement will be subject to a four month and one day hold period from the date of issue.
About Intema Solutions Inc.
Intema has been simplifying and optimizing the online marketing activities of medium and large companies through innovative technologies and cutting-edge expertise for over 20 years. A Canadian leader in permission-based email marketing, Intema provides a wide range of products and services, including SMS, content and predictive AI marketing, as well as related professional services. For more information, please visit our corporate website at intema.com.
This press release may contain “forward-looking statements”. All statements in this press release other than statements of historical facts, including, without limitation, those regarding the financial performance of the Corporation; expected development of the Corporation’s business and projects; execution of the Corporation’s vision and growth strategy; sources and availability of financing for the Corporation’s projects; renewal of the Corporation’s current customer, supplier and other material agreements; and future liquidity, working capital and capital requirements are forward-looking statements. Although the forward-looking statements in this press release are based upon what management of the Corporation believes are reasonable assumptions, there can be no assurance that they will prove to be accurate and that the acquisition will be completed as planned, that the financing will take place as described and that regulatory/TSXV approval will be obtained as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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Intema Solutions Inc.