Intellabridge Technology Corp C.KASH

INTL/CRBTF - August 10, 2021 - MONTHLY PROGRESS REPORT

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Number of Outstanding Listed Securities: 71,620,351
 
On July 6, 2021, Intellabridge announced the filing of a base short form prospectus to qualify for distribution up to $50 million CAD of the Company's securities (the "Shelf Prospectus"). The Shelf Prospectus, once cleared, will provide the Company the flexibility to raise capital through the issuance of securities up to $50 million CAD for a period extending over 25 months. The Company only intends to raise capital for corporate purposes, including, for marketing, business development, and other strategic objectives. The Company does not intend to immediately complete an offering of the entire amount reserved under the Shelf Prospectus but, rather intends to strategically raise capital as required.
 
On July 12, 2021, Intellabridge announced that it planned to release a blockchain-based loyalty token point system for its customers and corporate partners. This next-generation loyalty token point system is expected to provide multiple benefits to customers of the Kash blockchain neo-bank and to Intellabridge partners, including free debit cards, cash back on transactions, discounted subscriptions, lower fees, increased interest rates on savings accounts, and other rewards within the partner network. The loyalty token points will initially be available to the first 100,000 Kash beta users in the coming months. The Kash product provides customers with an easy way to transfer money into the decentralized financial ecosystem using banking transfer services from customers' existing banks or through global cryptocurrency exchanges. Intellabridge uses the multi-billion dollar Terra blockchain, developed by TerraForm Labs, which was founded by a Stanford engineer, with investment from Coinbase, Robinhood CEO Vladimir Tenev, Delphi Digital, and Galaxy Digital Holdings Inc. Intellabridge has built upon Terraform's existing technologies with multiple layers of cybersecurity mechanisms for consumer protection and concierge customer service. The combination of cybersecurity, customer service, and traditional banking integration capabilities enables mass audiences to earn a stable 10% per annum on deposits by directly accessing decentralized financial markets.
 
On July 15, 2021, Intellabridge announced that the Company plans to launch Kash Corporate Treasury Accounts for businesses and institutional investors. The Kash Treasury Accounts are designed to provide businesses and institutions with high-interest and fixed rate Certificates of Deposit (CD) based on blockchain decentralized financial markets. The Kash Treasury CDs will be one of the first products on the market allowing customers to earn a stable 10% earnings on deposits, and provide an alternative solution to the
current low-interest rate CD market.
 
Intellabridge is also aiming to solve the problem of operational complexities for Treasury customers with automated US Dollar to stablecoin conversions, private-key management, enhanced cybersecurity, customer service, and traditional banking integration capabilities. Intellabridge is intending to rollout Kash Treasury starting in late Q3 2021. Features of the Kash Treasury program will be introduced to beta testers throughout the rest of 2021.
 
Also on July 15, 2021, Intellabridge announced that it has entered into a securities purchase agreement for a private placement of its common shares ("Common Shares") and warrants to purchase Common Shares ("Warrants") with institutional investors for gross proceeds of approximately CAD$10 million (the "Private Placement"). Pursuant to the Private Placement, the Company will issue 8,064,517 Common Shares and Warrants to purchase up to an aggregate of 8,064,517 Common Shares at a purchase price of CAD$1.24 per Common Share and associated Warrant. Each Warrant will entitle the holder to purchase one Common Share at an exercise price of CAD$1.55 per Common Share for a period of three years following the issuance date.
 
H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement. The net proceeds of the Private Placement will be used by the Company for business operations, expansion of its business and for general working capital purposes. The Company has applied to list the Common Shares issued in the Private Placement and the Common Shares issuable upon the exercise of the Warrants on the Canadian Securities Exchange ("CSE"). No securities were offered or sold to Canadian residents in connection with the Private Placement. The Private Placement closed on July 20, 2021.
 
On July 27, 2021, Intellabridge announced that it had qualified to trade on the OTCQB® Venture Market and proceeded to do so on July 28, 2021 on the OTCQB under the symbol "CRBTF." U.S. investors can find current financial disclosure and real time quotes for the company on www.otcmarkets.com. The OTCQB offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process. Listing on the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

https://webfiles.thecse.com/Monthly_Progress_Report_July_2021_1.pdf?pztK6kFPkyF1mznVVKYVfwezRCmCs5VR