HIRE TECHNOLOGIES INC - HIRRF STOCK NEWS

HIRE Technologies Inc. (TSXV:HIRE, OTCQB:HIRRF) announced it will satisfy $73,620 in interest on its 9% unsecured debentures by issuing 2,103,425 common shares at $0.035 each. This decision, effective December 31, 2022, meets the terms of the debentures and awaits TSX Venture Exchange approval. A director and officer, classified as an "Interested Party," will receive 12,857 shares as part of this transaction, categorized as a related party transaction. The Company will utilize exemptions from formal valuation and minority approval due to minimal impact on market capitalization. HIRE aims to innovate human resources solutions and is establishing a leading presence in workforce management.

HIRE Technologies Inc. has successfully closed the first tranche of a non-brokered private placement financing, raising $500,010.01 through the issuance of 16,667,000 Common Shares at $0.03 each. The total offering aims for $1,000,000. Notably, insiders subscribed for 1,400,333 Common Shares. Proceeds will support general corporate purposes and working capital. All issued securities are subject to a four-month and one-day hold period in Canada and require TSX Venture Exchange final acceptance.

HIRE Technologies Inc. (OTCQB: HIRRF) announced Q3 results with a revenue of $7.7 million, maintaining year-to-date revenue at $26.1 million, marking a 34% increase YOY. The gross margin for Q3 stood at $3.47 million, resulting in a 45% gross margin rate. However, the company reported a net loss of $6.1 million for the quarter and $10.7 million for the year. Board changes were made with the resignations of Sean Cleary and Hamed Shahbazi, replaced by Adam Ho and Brad Scharfe, aimed at facilitating growth in a challenging macroeconomic environment.

HIRE Technologies Inc. (OTCQB: HIRRF) announced the divestiture of Taylor Ryan Inc. on October 7, 2022. This cashless transaction extinguishes a $9.7 million capital commitment and is expected to result in a gain on sale recorded in Q4-2022. Current liabilities will be reduced by approximately $7.9 million in contingent remuneration and $4.8 million in net assets. The company also appointed Charlie Cooper as the new CFO, succeeding Dan Teguh.

HIRE Technologies announced strong financial results for Q2 2022, with revenue reaching $9.4 million, marking a 56% year-over-year increase. This achievement marks the seventh consecutive quarter of record revenue. The gross margin improved to 54%, the highest in the company's history. Adjusted EBITDA for the quarter was $0.3 million, a significant improvement from a loss in Q2 2021. Despite these positive metrics, the company reported a net loss of $3.2 million for the quarter and $4.6 million year-to-date, reflecting challenges in operational profitability and market conditions.

HIRE Technologies Inc. (OTCQB: HIRRF) will announce its Q2-2022 financial results on August 29, 2022, after market close. A conference call to discuss the results is scheduled for August 30, 2022, at 12:00 PM ET, hosted by CEO Simon Dealy and CFO Dan Teguh. HIRE Technologies focuses on modernizing human resources solutions and aims to establish itself as a leader in workforce management. The company has a scalable platform and a recurring revenue model to drive value for shareholders.

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.

HIRE Technologies Inc. (OTCQB: HIRRF) will participate in the CEM TSX Venture Growth Capital Event in Kelowna, British Columbia, from July 7-9, 2022. CEO Simon Dealy will host one-on-one meetings with investors to discuss the company’s resilience in the current labor market and economic conditions. HIRE is focused on digitizing human resources solutions and is rapidly establishing itself in workforce management and staffing. The event provides an opportunity for growth-stage companies to connect with potential investors.

HIRE Technologies Inc. has announced the approval of the issuance of 2,705,000 stock options, 287,778 RSUs, and 1,350,000 DSUs as part of its long-term incentive plan. The options are exercisable for five years at an exercise price of $0.09 per share. A majority of the options will vest immediately, while others will vest over time. This initiative aims to strengthen the company’s compensation strategy for its directors and officers, supporting its growth in the workforce management sector.