Legible Restructures for Strategic Success and Engages Hybrid Financial Ltd.

Rhea-AI Summary

Legible Inc. (OTC: LEBGF) is undergoing a strategic corporate restructuring, resulting in the layoffs of key personnel, including the former CFO and Head of Accessibility. The company is actively seeking a new CFO while maintaining a consulting relationship with Laura Brady to enhance accessibility. Legible aims to capitalize on opportunities from the London Book Fair and has engaged Hybrid Financial Ltd. for marketing services, with a contract worth $22,500 monthly for 12 months. The company focuses on providing next-generation eBook experiences.

Positive

• Engagement with Hybrid Financial Ltd. to enhance market awareness and expand investor reach.
• Opportunities for new partnerships and content acquisition following participation at the London Book Fair.

Negative

• Layoffs of key staff, including the former CFO, indicating potential instability.
• Costs associated with marketing services could impact short-term financials.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Legible Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) ("Legible” or the “Company”) is in the process of finalizing a strategic corporate restructuring and reallocation of duties following the layoffs and resignations of a number of its staff. As part of this process, effective April 8, Ms. Helina Patience, Legible’s former Chief Financial Officer (CFO) and Laura Brady, Head of Accessibility are no longer with the Company. Legible is in the process of interviewing candidates to join Legible as the Company’s new CFO. Laura has agreed to consult to Legible and assist management in ensuring that Legible is the first born-accessible platform for all users and reading needs in the twenty-first century.

“We wish Helina success in her future endeavors, and we look forward to continuing to work with Laura,” said Kaleeg Hainsworth, President and CEO of Legible. “As a much more streamlined company, I am confident that we can capitalize on the many new opportunities that have emerged from our recent participation at the London Book Fair.” Mr. Hainsworth presented a keynote address entitled How the next 1 billion people will read. In addition, Hainsworth conducted a lecture on the creation of living ebooks and accessibility. These presentations and other meetings with publishers and distributors have already yielded the request for many new partnerships and content acquisition opportunities with a wide range of well-known book publishers and distributors.

Legible is also pleased to announce that it has retained Hybrid Financial Ltd. (“Hybrid”) to provide marketing services to the Company. Hybrid will focus on heightening market and brand awareness for Legible and to broaden the Company's reach within the investment community. Hybrid has agreed to comply with all applicable securities laws and the policies of the Canadian Securities Exchange (the “CSE”) in providing the Services. Hybrid has been engaged by the Company for an initial period of twelve months starting April 11, 2022 (the “Initial Term”), which will be automatically renewed for successive 6-month periods thereafter, unless terminated by the Company in accordance with the Agreement. Hybrid will be paid a monthly fee of $22,500.00, plus applicable taxes, during the Initial Term.

About Hybrid Financial Ltd.

Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.

About Legible Inc.

Legible is a book entertainment and media company that has developed an online eBook marketplace called Legible.com, with an eBook reading system capable of showcasing next-generation book content, and a world-class digital conversion publishing service for creating multimedia eBooks and born-accessible eBook content.

Founded and led by a team of technologists, authors, eBook publishers, designers, and publishing industry insiders, Legible is transforming the eBook industry. With a mission to provide delightful eBook experiences to readers around the globe through any browser-enabled device, Legible is committed to providing delightful eReading to readers that value immersive entertainment experiences through beautifully constructed and content dynamic books, provided by a company that promotes sustainability, accessibility, and global literacy.

Please visit Legible.com and discover the place where ebooks come to life.

Readers are invited to visit Legible’s continually evolving curated Staff-Picks Bookshelf: https://legible.com/ca/list/staff-picks

Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking ‎statements are not based on historical facts, but rather on current expectations and projections about future events, many ‎of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks ‎and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the ‎forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative ‎thereof or similar variations. These statements include forward looking statements regarding new partnerships and content acquisition opportunities for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the ‎Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those ‎projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, ‎including changes in the financial markets; changes in applicable laws; ‎and the diversion of management time. Should one or more of these risks, uncertainties or ‎other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, ‎actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or ‎expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-‎looking statements and forward-looking information. The forward-looking information contained in this release is made as of ‎the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-‎looking information that are incorporated by reference herein, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking ‎information contained herein. All subsequent written and oral forward-looking information and statements attributable to the ‎Company or persons acting on its behalf is expressly qualified in its entirety by this notice.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

View source version on businesswire.com: https://www.businesswire.com/news/home/20220411005538/en/

Kaleeg Hainsworth / President & CEO

Legible Inc.

1 (672) 514-2665

invest@legible.com

www.Legible.com

Investors.Legible.com

Source: Legible Inc.

FAQ

What restructuring is happening at Legible Inc. (LEBGF)?

Legible Inc. is finalizing a strategic corporate restructuring that includes layoffs and a search for a new CFO.

Who has been laid off at Legible Inc. (LEBGF)?

The former Chief Financial Officer, Helina Patience, and Head of Accessibility, Laura Brady, are no longer with the company.

What is the contract value for Hybrid Financial Ltd.'s marketing services for Legible Inc. (LEBGF)?

Hybrid Financial Ltd. has a contract worth $22,500 monthly for an initial 12-month term.

How is Legible Inc. (LEBGF) planning to improve accessibility?

Laura Brady, the former Head of Accessibility, will consult to help ensure Legible becomes the first born-accessible eBook platform.

What opportunities has Legible Inc. (LEBGF) gained from the London Book Fair?

Legible has identified new partnership and content acquisition opportunities following its participation at the event.