AI/ML Innovations Inc. Announces Settlement of Debt

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AI/ML Innovations Inc. announces Debt Settlement Agreement

Positive

• AI/ML Innovations Inc. has entered into a Debt Settlement Agreement with Tormin Resources Limited. The agreement involves a cash payment of $70,000 to settle a debt of $801,941.

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• None.

TORONTO, ON / ACCESSWIRE / October 11, 2023 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, announced that it has entered into a Debt Settlement Agreement with Tormin Resources Limited of Roslin, Ontario (the "Creditor"). The Company owes the Creditor an aggregate amount of $733,441, plus $68,500 in accrued fees, for a total amount of $801,941.00 (the "Debt") pursuant to a loan. The Company and the Creditor have entered into a Debt Settlement Agreement dated October 11, 2023, wherein the Creditor has agreed to accept a cash payment of $70,000 in full and complete settlement of the debt.

For more information about AI/ML Innovations:

For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca/

For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.

About AI/ML Innovations Inc. https://aiml-innovations.com/

AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 12.44% currently owned by AIML), AI Rx Inc. (70% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".

On behalf of the Board of Directors
Tim Daniels, Executive Chairman

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AI/ML Innovations Inc.

View source version on accesswire.com:
https://www.accesswire.com/792060/aiml-innovations-inc-announces-settlement-of-debt

FAQ

What is the Debt Settlement Agreement between AI/ML Innovations Inc. and Tormin Resources Limited?

The Debt Settlement Agreement involves a cash payment of $70,000 to settle a debt of $801,941.

How much does AI/ML Innovations Inc. owe to Tormin Resources Limited?

AI/ML Innovations Inc. owes Tormin Resources Limited an aggregate amount of $733,441, plus $68,500 in accrued fees, for a total of $801,941.

When was the Debt Settlement Agreement signed?

The Debt Settlement Agreement was signed on October 11, 2023.

How can I get more information about AI/ML Innovations Inc.?

For detailed information, please visit AI/ML's website or the Company's filed documents at www.sedarplus.ca.

Who should I contact for further information?

For further information, you can contact Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.