Zinc8 Energy Solutions Announces Settlement Agreement

Rhea-AI Summary

Zinc8 Energy Solutions Inc. announced the issuance of 116,279 common shares to settle a litigation claim from Market One Media Group Inc. related to a contract from 2019. The Settlement Agreement, finalized on June 1, 2021, releases Zinc8 from all claims in exchange for the shares, which will be subject to a four-month hold period. Zinc8 is dedicated to developing low-cost zinc-air battery technology aimed at enhancing energy storage and reliability.

Positive

• Settlement of litigation with Market One Media Group reduces potential liabilities.
• Issuance of shares is a strategic move to resolve disputes without additional cash outflow.

Negative

• Issuing new shares may dilute existing shareholders' equity.

VANCOUVER, BC / ACCESSWIRE / June 7, 2021 / Zinc8 Energy Solutions Inc. ("Zinc8" or the "Company") (CSE:ZAIR) announces that it agreed to issue 116,279 common shares (the "Shares") pursuant to a settlement and release agreement (the "Settlement Agreement").

The parties have been involved in litigation regarding the claim by Market One Media Group Inc. ("Market One") for payment under a contract from 2019. On June 1, 2021, the Company entered into the Settlement Agreement whereby Market One has agreed to release the Company from all claims in consideration for, among other things, the issuance of 116,279 Shares of the Company.

The securities being issued are subject to a 4 month and a day hold period.

About Zinc8 Energy Solutions Inc.

Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power. To learn more about Zinc8's technology, please visit: www.zinc8energy.com

Neither the CSE nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact:

Incite Capital Markets
Kristian Schneck / Eric Negraeff

Zinc8 Energy Solutions Inc.
Ron MacDonald
Ph: 604.493.2004
Email: investors@zinc8energy.com

SOURCE: Zinc8 Energy Solutions

View source version on accesswire.com:
https://www.accesswire.com/650734/Zinc8-Energy-Solutions-Announces-Settlement-Agreement

FAQ

What settlement agreement did Zinc8 Energy Solutions announce?

Zinc8 announced a settlement agreement to issue 116,279 common shares to Market One Media Group to resolve a litigation claim.

How many shares did Zinc8 Energy Solutions issue as part of the settlement?

Zinc8 issued 116,279 common shares as part of the settlement agreement.

What was the reason for the litigation involving Zinc8 Energy Solutions?

The litigation involved a claim for payment under a contract from 2019 with Market One Media Group.

When was the settlement agreement between Zinc8 and Market One finalized?

The settlement agreement was finalized on June 1, 2021.

Are the shares issued by Zinc8 Energy Solutions subject to any hold period?

Yes, the shares are subject to a hold period of four months and a day.