HIRE Technologies Announces Payment of Debenture Interest in Equity

Rhea-AI Summary

HIRE Technologies (TSXV:HIRE)(OTCQB:HIRRF) announced it will satisfy a $73,620 interest obligation due June 30, 2022, on its 9% unsecured debentures by issuing 717,536 common shares at $0.1026 each. This debt-for-equity transaction is subject to TSX Venture Exchange approval. HIRE aims to modernize human resources solutions and has established itself in workforce management and staffing. The company's growth strategy is supported by recurring revenue and a scalable shared services platform.

Positive

• Issuance of 717,536 common shares for debt alleviates immediate cash flow pressure.
• Strategic move to modernize human resources solutions aligns with growth objectives.

Negative

• The issuance of shares to satisfy debt obligations could dilute existing shareholder value.

TORONTO, ON / ACCESSWIRE / July 19, 2022 / HIRE Technologies Inc. (TSXV:HIRE)(OTCQB:HIRRF) ("HIRE" or the "Company"), a company focused on modernizing and digitizing human resources solutions, today announces that it has elected to satisfy its obligation to pay $73,620 in interest as of June 30, 2022 to the holders of its 9% unsecured debentures issued August 21 and 24, 2020 (the "Debentures") by issuing 717,536 common shares of the Company. The common shares will be issued at a deemed price of $0.1026 per share in full satisfaction of the June 30^th interest payment obligation in accordance with the terms of the Debentures. The shares for debt application remains subject to approval by the TSX Venture Exchange.

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About HIRE Technologies Inc.
HIRE is a growing capital allocator that is rapidly establishing itself as a market leader in workforce management and staffing. HIRE's mission is to create a world-class portfolio of brands that will define the future of human resources through synergies, scale, and reach. The Company has extensive experience in building and growing staffing and executive search companies and is supported by a large recurring revenue base and a highly scalable shared services platform. This structure enables HIRE to create value for partners and shareholders. For more information, visit hire.company.

Contacts
Simon Dealy
Chief Executive Officer
(647) 264-9196
sdealy@hire.company

Caroline Sawamoto
Investor Relations
(647) 556-4498
investors@hire.company

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

Forward-Looking Information
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of HIRE 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 "aim", "anticipate", "appear", "believe", "consider", "could", "estimate", "expect", "if", "intend", "goal", "hope", "likely", "may", "plan", "possibly", "potentially", "pursue", "seem", "should", "whether", "will", "would" and similar expressions. Statements set out in this news release relating to HIRE's expectations as to future growth and results are all forward-looking statements. 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. Readers are referred to the risk factors associated with the business of the Company set out in the Company's most recent management's discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, the Company 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.

SOURCE: HIRE Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/708968/HIRE-Technologies-Announces-Payment-of-Debenture-Interest-in-Equity

FAQ

What is the recent news about HIRE Technologies' interest payment?

HIRE Technologies announced it will pay $73,620 in interest due on June 30, 2022, by issuing 717,536 common shares.

What are the terms of the unsecured debentures HIRE Technologies issued?

HIRE's 9% unsecured debentures were issued on August 21 and 24, 2020.

What is the significance of HIRE Technologies issuing shares for debt?

Issuing shares for debt repayment reduces immediate cash flow pressure but may dilute existing shareholders.