iSIGN Media Announces an Additional 2-Year Convertible Note to Defer Debt

Rhea-AI Summary

iSIGN Media Solutions has announced the signing of a two-year convertible note, settling previous debts totaling $324,404. This note allows the Noteholder to convert debt into 6,488,080 common shares at $0.05 in the first year and $0.10 in the second year. Additionally, 6,488,080 warrants at $0.0625 per share will be granted. The new debenture carries a 12% annual interest rate. This transition aims to restructure the company's debt into long-term obligations, offering immediate relief as iSIGN continues developing its proximity marketing and security solutions.

Positive

• Restructured $324,404 debt into a two-year convertible note.
• Conversion of debt into 6,488,080 common shares enhances liquidity.
• Provision of immediate payment relief while pursuing business goals.

Negative

• None.

TORONTO, April 28, 2022 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Corporation”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions is pleased to announce that it has signed a two-year convertible note in settlement of a previous convertible debt and related interest totaling $324,404.

Under the terms of this convertible note, the debt will be converted, at the option of the Noteholder, into 6,488,080 common shares on the Corporation at a price of $0.05 per share in the first year and $0.10 in the second year. The Corporation has also agreed to grant to the holders of the convertible New Debenture 6,488,080 warrants exercisable at $0.0625 per share for a period of two years, from the date of issuance of the debenture. The new debenture will bear interest at 12% per annum, payable upon maturity.

The Company anticipates closing the debenture as soon as practicable, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This concludes the Corporation’s transfer of all current debt into long-term debt and provides the Corporation with immediate payment relief while it continues with its business plan and moving forward with its new technology.

About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is an infrastructure-oriented, Software-as-a-service (SaaS) provided, specializing in proximity-centric location services. The wealth of data we collect, coupled with AI analytic tools and localized cloud environments, allow us to provide revolutionary solutions for some of the most complex problems being faced today. Included with our interactive mobile proximity marketing and public security alert solutions is its Passive Historical Contact Tracing (PHACT) technology including HALO and underlying framework, including SPE Asset Management System for smart location analytics and monitoring Intellectual Property (IP). The PHACT IP provides smart location analytics and monitoring. Conceived as a contact tracing platform, the overall platform enables the monitoring of the movement, congregation behaviors, and general movements of individuals within a monitored space, while maintaining connectivity and compliance with all public privacy policies. PHACT provides real-time and historical information regarding individual movement, dwell, and crowd and public behavior. www.isignmedia.com

Forward-Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media’s business 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 “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect iSIGN Media’s current expectations regarding future results or events. 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. iSIGN Media 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.

© 2022 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.

Company contacts:

Alex Romanov
iSIGN Media Solutions Inc.
alex@isignmedia.com 

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

 

FAQ

What is the significance of the convertible note signed by iSIGN Media Solutions on April 28, 2022?

The convertible note allows the settlement of $324,404 in previous debts, providing iSIGN with immediate financial relief.

How many common shares can the Noteholder convert from the convertible note?

The Noteholder can convert the debt into 6,488,080 common shares at a conversion price of $0.05 in the first year and $0.10 in the second year.

What is the interest rate associated with the new debenture issued by iSIGN?

The new debenture will bear a 12% annual interest rate, payable upon maturity.

What is the duration of the convertible note signed by iSIGN?

The convertible note has a duration of two years.

What immediate benefits does the convertible note provide to iSIGN Media Solutions?

The convertible note restructures debt into long-term obligations, offering immediate payment relief as iSIGN advances its business strategy.