iSIGN Media Closes its Previously Announced Shares for Debt Transaction of $53,785 with its Major Shareholder and Control Person

Rhea-AI Summary

iSIGN Media Solutions receives final approval for debt settlement arrangement with major shareholder

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• iSIGN Media Solutions has received final approval to close its debt settlement arrangement with major shareholder Josip Kozar. The company will issue 5,378,500 common shares at a price of $0.01 per share to settle debts totaling $53,785. Kozar expressed confidence in the company's technology refinements and revenue opportunities.

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TORONTO--(BUSINESS WIRE)-- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions announced it has received final approval from the necessary regulatory agency to close its previously announced debt settlement arrangement (“Arrangement”) with its major shareholder and control person, Josip Kozar, in which the Company has agreed to issue 5,378,500 common shares at a deemed price of $0.01per share in settlement of debts owned of $53,785.

“I am encouraged by the progress iSIGN has made over the past ten months or so regarding its’ technology refinements and expansion of its product line, as well as by the growing revenue opportunities that are opening up for the Company,” stated Mr. Kozar. “I realize that new technology sales takes a great deal of time, but I am confident that iSIGN will be successful in closing some of its revenue opportunities.”

Mr. Kozar is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being the Company’s major shareholder and control person and currently holding approximately 39% of the Company’s issued and outstanding common shares of the Company.

For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.

These shares are subject to a four-month hold period, ending December 11, 2023.

About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. 2019 winner of Richmond Hill’s Innovator of the Year award. 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.

© 2023 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230810733135/en/

Remko Noteboom

iSIGN Media Solutions Inc.

remko@isignmedia.com

Source: iSIGN Media Solutions Inc.

FAQ

What is the debt settlement arrangement?

The debt settlement arrangement involves iSIGN Media Solutions issuing common shares to settle debts owed to major shareholder Josip Kozar.

What is the price per share for the debt settlement?

The price per share for the debt settlement is $0.01.

Who is Josip Kozar?

Josip Kozar is the major shareholder and control person of iSIGN Media Solutions.

What is the hold period for the shares?

The shares are subject to a four-month hold period, ending on December 11, 2023.