InsuraGuest Provides Vacation Rental Business Update, Director Exercises Warrants

Rhea-AI Summary

InsuraGuest Technologies (TSXV:ISGI)(OTCQB:ISGIF) has reported growth in its vacation rental business after integrating with Hostfully and Guesty property management systems. The company signed multiple property management firms across various states, including Utah and California. Additionally, insiders exercised 2,774,666 warrants at $0.20, raising $554,933. At the upcoming AGM on May 27, shareholders will vote on extending 10,580,000 warrants and changing from a 10% rolling option to a fixed 20% plan. The company anticipates increased travel demand as COVID-19 restrictions ease.

Positive

• Growth in vacation rental business following software integration.
• Signing of several property management companies across multiple states.
• Insider purchases of 2,774,666 shares, raising $554,933.

Negative

• Proposed extension of warrants due to COVID-19 delays in business development.
• High competition in the insurance industry may hinder market acceptance.

VANCOUVER, BC / ACCESSWIRE / April 28, 2021 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. subsidiary InsuraGuest ("ISG"), is proud to announce a business update for its vacation rental business.

ISG, after integrating with both Hostfully and Guesty vacation rental property management software systems, has seen growth in its vacation rental business. In the past month, the company has signed several property management companies to its system. Companies who have multiple properties in Utah, Maryland, Hawaii, Texas, New Mexico, and California.

The Company also announced that an insider, and a director and an insider, of the Company acquired a combination of 2,774,666 common shares through the exercise of warrants at $0.20 for total proceeds of $554,933. These internally sourced funds have no commissions or fees.

The Company also announced that at the forthcoming Annual General Meeting ("AGM") to be held on May 27, 2021 that it will be asking the disinterested shareholders of the Company to extend the Manado A, B, C, and D warrants totaling 10,580,000 warrants, exercisable at $0.20. The warrants were issued as part of the consideration of the reverse takeover (see Notice of Special Meeting of Shareholders and Information Circular dated November 1, 2019 for the meeting held on November 29, 2019). The proposed extension is for one year for both the expiry dates and the performance milestone dates for each class of warrants and is subject to TSX Venture Exchange approval.

This is being proposed due to the delays caused by COVID 19 in the Companies business development.

The Company will also propose at the upcoming AGM that the shareholders approve a change from the company's 10% rolling option plan to a fixed 20% of outstanding plan, subject to TSX Venture Exchange approval

Full details of the propose changes will be included in this year's AGM circular.

"With COVID-19 vaccinations rolling out across the country, we are seeing looser restrictions on operations, and a significant increase in travel demand which will help team execute on its business plan." states Charles Cayias, director and President of InsuraGuest Technologies, Inc.

Property Management System Integration

InsuraGuest now integrates with 82 hotel and 2 vacation rental property management systems, through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel or vacation rental property can lower its claim ratio and risk profile, which may decrease the property's general liability premiums.

Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC, and is administered by InsuraGuest Insurance Agency, LLC. CA/LIC: 6001686

InsuraGuest Technologies Inc.

Harnessing the Power of Technology to Reinvent Insurance

InsuraGuest Technologies (TSX.V: ISGI) (OTCQB: ISGIF) is an insurtech (insurance+technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We are transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.

CA/LIC: 6001686

For more information, visit: www.InsuraGuest.com.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive in the business owner policy sector, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.

NEITHER 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 ADEQUACY OR ACCURACY OF THIS RELEASE.

Company Contact:

Investor Relations
+1-212-466-6200 ext. 1
Investor@InsuraGuest.com

Corporate Communications:

InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

SOURCE: InsuraGuest Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/642678/InsuraGuest-Provides-Vacation-Rental-Business-Update-Director-Exercises-Warrants

FAQ

What recent business update did InsuraGuest Technologies announce?

InsuraGuest announced growth in its vacation rental business after integrating with property management software and signing several management companies.

What are the implications of the warrants exercised by insiders?

Insiders exercised 2,774,666 warrants at $0.20, generating $554,933 for the company.

When is the InsuraGuest Technologies AGM scheduled?

The AGM is scheduled for May 27, 2021.

What significant proposals will be discussed at the AGM?

Proposals include extending the expiry of 10,580,000 warrants and changing the option plan from a 10% rolling to a fixed 20%.

How is InsuraGuest Technologies adapting to post-COVID-19 conditions?

InsuraGuest is anticipating increased travel demand as COVID-19 restrictions ease, aiding its business plan execution.