TORONTO, March 01, 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 a company in which Josip (Joe) Kozar is a major shareholder.
This shares for debt transaction is the second step in improving the Company’s Statements of Financial Position.
The first step was the acceptance by various creditors to transfer current liabilities of approximately $3.241 million new two-year debentures (the “New Debentures”) bearing interest at 12% per annum, as announced on February 16, 2022. This agreement provides clarity and repayment certainty on a sizable portion of the Company’s debt. The Agreement with its creditors allows the Corporation to move forward with its business plan in 2022 and beyond.
The third step will occur when approval is received from regulatory bodies for an additional shares for debt transaction of approximately $361,114 as previously announced on February 22, 2022.
The Company has completed the Arrangement by issuing an aggregate of 14,608,936 common shares at a deemed price of $0.05 per share in settlement of debts owned of 730,447. Mr. Kozar is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being a control person in the Company, holding approximately 25.5% of the Company’s issued and outstanding common shares. The shares are subject to a four month hold period.
For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.
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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