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Carbeeza Inc. ("Carbeeza" or the "Company") (TSX.V:AUTO) announces it has applied to the TSX Venture Exchange (the "Exchange") to reprice and extend the expiry date of 10,153,000 common share purchase warrants (the "Warrants"), which were issued on June 29, 2021 in connection with a reverse takeover transaction with HIT Technologies Inc., whereby all outstanding warrants of HIT Technologies Inc. were exchanged on a 1:1 basis for warrants of the Company.
The Company seeks Exchange approval to extend the Warrant expiry date from June 29, 2023 to December 29, 2023 (the "Extension"). The Company also seeks approval to reduce the Warrant exercise price from $1.00 to $0.20 (the "Reprice"), provided that at any time prior to the Expiry Date, the exercise period of the Warrants will be reduced to 30 days if, for any ten consecutive trading days on the stock exchange on which the Common Shares are then listed or such other principal stock exchange on which the Common Shares are trading (the "Premium Trading Days"), the closing price of the listed shares exceeds the exercise price of the Warrants by 25% or more and in such case, the reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth Premium Trading Day;. All other terms of the Warrants will remain the same. The Extension and the Reprice are subject to acceptance by the Exchange and in certain circumstances by the Warrant holders as detailed below.
Certain of the Warrants (4,025,000) are subject to a warrant indenture (the "Warrant Indenture") between the Company and Olympia Trust Company. Pursuant to the Warrant Indenture, the Corporation may amend the terms of the Warrants with Exchange approval. The Reprice of the remaining Warrants (6,128,000) not subject to the Warrant Indenture is subject to Warrant holder approval which will be obtained prior to the expiry of the Extension.
Carbeeza Inc.
Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.
ON BEHALF OF THE BOARD OF DIRECTORS OF CARBEEZA INC.
Sandro Torrieri, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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