Spetz Announces Extension Convertible Debenture and Updates

Rhea-AI Summary

Spetz Inc. has announced several key updates: The company secured an extension for its secured convertible debentures to December 31, 2024, from the previous October 31, 2024 deadline. In November 2024, Spetz sold 12,292,779 Kirobo shares at USD$0.0048 per share. The board of directors waived their planned yearly compensations of 30,000 CAD per member for 2023 and 2024, reducing company liabilities by 300,000 CAD. Additionally, former Chief Marketing Officer Ofir Friedman has transitioned to a part-time role as Corporate Advisor.

Positive

• Secured extension of convertible debentures maturity date
• Sale of 12,292,779 Kirobo shares generating cash
• Reduction of 300,000 CAD in liabilities through board compensation waiver

Negative

• Need for debenture extension indicates potential liquidity challenges
• Sale of Kirobo shares at low price of USD$0.0048 per share may indicate unfavorable exit terms

TORONTO, ON / ACCESSWIRE / November 29, 2024 / Spetz Inc. ("Spetz"), is pleased to announce several recent achievements:

1. The Company has successfully obtained an extension for both its secured convertible debentures and the related party's secured convertible debentures. The maturity date has been extended from October 31, 2024, to December 31, 2024. The terms of the debentures remain unchanged.

2. In November 2024, the Company sold a total of 12,292,779 Kirobo's shares at a share price of USD$0.0048 per share.

3. The Company's board of directors agreed to fully waive the planned yearly compensations of 30,000 CAD per member for the years 2023 and 2024. This discussion will reduce the Company's total liabilities by 300,000 CAD.

4. The company is pleased to update that Ofir Friedman, previously the Chief Marketing Officer, has transitioned to a part-time role as a Corporate Advisor.

About Spetz Inc.
Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere.

Spetz website: www.spetz.app

Spetz Investor information: https://investor.spetz.app/

Company Contacts:
Investor Relations
Email: Investors@spetz.app
Phone: 647-956-6033

NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATION SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Note Regarding Forward-looking Statements
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "plans" "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions. In this press release, forward-looking statements relate, among other things, to : the ability of Spetz to achieve cash-flow positivity and growth on a go-forward basis.

Forward-looking statements are based on certain assumptions. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. In this press release, such assumptions include, but are note limited to: the ability of Spetz to maintain its current growth trajectory.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation: risks associated with general economic conditions; the inability of Spetz to achieve growth; and increased competition in the mobile application and home-services market.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are made as to the date hereof and are expressly qualified by this cautionary statement. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

SOURCE: Spetz Inc.

View the original press release on accesswire.com

FAQ

When did Spetz Inc (DBKSF) extend its convertible debentures maturity date to?

Spetz Inc extended its convertible debentures maturity date to December 31, 2024, from the previous October 31, 2024 deadline.

How many Kirobo shares did Spetz Inc (DBKSF) sell in November 2024?

Spetz Inc sold 12,292,779 Kirobo shares at USD$0.0048 per share in November 2024.

How much did Spetz Inc (DBKSF) reduce its liabilities through board compensation waiver?

Spetz Inc reduced its liabilities by 300,000 CAD through the board's waiver of their planned yearly compensations of 30,000 CAD per member for 2023 and 2024.