TORONTO, March 07, 2022 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions, announced that it received final approval from the necessary regulatory agency to close its previously announced debt settlement arrangement (“Arrangement”) with various companies and individuals.
The Company has completed the Arrangement by issuing an aggregate of 7,222,277 common shares at a deemed price of $0.05 per share in settlement of debts owned of $361,114. Included in this transaction are various companies either wholly or partially owned and controlled by Josip (Joe) Kozar, a person that iSIGN shareholders have approved as a control person in the Company.
As a control person in the Company, Mr. Kozar is considered to be a “related party” to the Corporation as the term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). This transaction is exempt from the formal valuation and majority of minority shareholder approval requirements of MI 61-101 by virtue of the exemptions set forth in Sections 5.5(g) and 5.7(1)(e) of MI 61-101.
The closure of this shares for debt transaction completes the three-step process contemplated when the Forbearance Agreement with Mr. Kozar and others was announced on February 3, 2022, with the end goal of repositioning current debt into both equity and long-term debt and improving the Company’s Statements of Financial Position, while providing clarity and repayment certainty on a sizable portion of the Company’s debt.
The cumulative effect of these three steps is that iSIGN has eliminated approximately $1.091 million of debt and repositioned approximately $2.880 million from currently liabilities to long-term liabilities.
The Company has been receiving very favourable feedback from its resellers and clients to the new Passive Historical Contact Tracing (“PHACT”) and In-Home Health technology presentations that have been undertaken over the past two weeks.
Additional news will be released at a later date.
About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. 2019 winner of Richmond Hill’s Innovator of the Year award. Partners include IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, and Mtrex Network Solutions. www.isignmedia.com
Forward-Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect iSIGN Media’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. iSIGN Media assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
© 2022 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Company contacts:
Alex Romanov
iSIGN Media Solutions Inc.
alex@isignmedia.com
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