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Reklaim Ltd. Reduces Debt By 11% Through Strategic Debt Conversion Initiative

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Reklaim (OTCQB: MYIDF) (TSXV: MYID) has announced a strategic debt reduction initiative, reducing its outstanding debt by approximately 11%. The company has agreed to satisfy $100,000 of indebtedness through the issuance of 1,111,111 common shares at a deemed price of $0.09 per share. This move follows a year of consistent profitability for Reklaim, including a positive EBITDA of $154,290 in Q2 2024.

The debt settlement aligns with Reklaim's commitment to enhance shareholder value and improve financial stability. All securities issued are subject to a statutory hold period of four months plus one day. The transaction requires final approval from the TSX.

Additionally, Reklaim has appointed Stuart Pasternak as its new CFO, bringing over 30 years of expertise in financial and strategic planning to the company.

Reklaim (OTCQB: MYIDF) (TSXV: MYID) ha annunciato un'iniziativa strategica di riduzione del debito, riducendo il suo debito complessivo di circa l'11%. L'azienda ha concordato di soddisfare 100.000 dollari di indebitamento attraverso l'emissione di 1.111.111 azioni ordinarie a un prezzo stabilito di 0,09 dollari per azione. Questa mossa segue un anno di redditività costante per Reklaim, comprese un EBITDA positivo di 154.290 dollari nel secondo trimestre del 2024.

La liquidazione del debito è in linea con l'impegno di Reklaim a migliorare il valore degli azionisti e a rafforzare la stabilità finanziaria. Tutti i titoli emessi sono soggetti a un periodo di blocco statutario di quattro mesi più un giorno. La transazione richiede l'approvazione finale dalla TSX.

Inoltre, Reklaim ha nominato Stuart Pasternak come nuovo CFO, portando oltre 30 anni di esperienza nella pianificazione finanziaria e strategica all'azienda.

Reklaim (OTCQB: MYIDF) (TSXV: MYID) ha anunciado una iniciativa estratégica de reducción de deuda, disminuyendo su deuda pendiente en aproximadamente un 11%. La compañía ha acordado satisfacer 100.000 dólares de deuda mediante la emisión de 1.111.111 acciones comunes a un precio supeditado de 0,09 dólares por acción. Este movimiento sigue un año de rentabilidad constante para Reklaim, incluyendo un EBITDA positivo de 154.290 dólares en el segundo trimestre de 2024.

El acuerdo de deuda está alineado con el compromiso de Reklaim para aumentar el valor para los accionistas y mejorar la estabilidad financiera. Todos los valores emitidos están sujetos a un periodo de retención estatutaria de cuatro meses más un día. La transacción requiere la aprobación final de la TSX.

Además, Reklaim ha nombrado a Stuart Pasternak como su nuevo CFO, aportando más de 30 años de experiencia en planificación financiera y estratégica a la empresa.

Reklaim (OTCQB: MYIDF) (TSXV: MYID)는 부채를 약 11% 줄이는 전략적 부채 감축 이니셔티브를 발표했습니다. 이 회사는 100,000달러의 부채1,111,111주 보통주를 발행하여 주당 0.09달러란 가격으로 해결하기로 합의했습니다. 이번 조치는 Reklaim의 지속적인 수익성 해에 따른 것으로, 2024년 2분기 EBITDA가 154,290달러 긍정적임을 포함합니다.

부채 정산은 주주 가치를 높이고 재정 안정을 개선하려는 Reklaim의 약속과 일치합니다. 발행된 모든 증권은 사법적 보유 기간 4개월과 1일이 적용됩니다. 본 거래는 TSX의 최종 승인을 요구합니다.

또한 Reklaim은 Stuart Pasternak을 새로운 CFO로 임명하여, 30년 이상의 재무 및 전략적 계획 전문성을 회사에 가져왔습니다.

Reklaim (OTCQB: MYIDF) (TSXV: MYID) a annoncé une initiative stratégique de réduction de la dette, réduisant sa dette totale d'environ 11 %. La société a accepté de régler 100 000 $ d'endettement par l'émission de 1 111 111 actions ordinaires à un prix réputé de 0,09 $ par action. Cette action fait suite à une année de rentabilité constante pour Reklaim, y compris un EBITDA positif de 154 290 $ au deuxième trimestre de 2024.

Le règlement de la dette s'aligne sur l'engagement de Reklaim à améliorer la valeur pour les actionnaires et à renforcer la stabilité financière. Tous les titres émis sont soumis à une période de blocage statutaire de quatre mois plus un jour. La transaction nécessite l'approbation finale de la TSX.

En outre, Reklaim a nommé Stuart Pasternak comme son nouveau CFO, apportant plus de 30 ans d'expertise en planification financière et stratégique à l'entreprise.

Reklaim (OTCQB: MYIDF) (TSXV: MYID) hat eine strategische Schuldenreduktionsinitiative angekündigt, die die ausstehenden Schulden um etwa 11 % verringert. Das Unternehmen hat sich bereit erklärt, 100.000 Dollar Schulden durch die Ausgabe von 1.111.111 Stammaktien zu einem festgelegten Preis von 0,09 Dollar pro Aktie zu begleichen. Dieser Schritt erfolgt nach einem Jahr konstanter Rentabilität für Reklaim, einschließlich eines positiven EBITDA von 154.290 Dollar im zweiten Quartal 2024.

Die Schuldenregulierung steht im Einklang mit Reklaims Engagement zur Steigerung des Shareholder Value und zur Verbesserung der finanziellen Stabilität. Alle ausgegebenen Wertpapiere unterliegen einer gesetzlichen Haltedauer von vier Monaten plus einem Tag. Die Transaktion erfordert eine endgültige Genehmigung der TSX.

Zusätzlich hat Reklaim Stuart Pasternak als neuen CFO ernannt und bringt über 30 Jahre Erfahrung in der Finanz- und strategischen Planung in das Unternehmen.

Positive
  • Reduced outstanding debt by 11% through strategic debt conversion
  • Achieved positive EBITDA of $154,290 in Q2 2024
  • Maintained consistent profitability throughout the year
  • Appointed Stuart Pasternak as new CFO, bringing 30+ years of financial expertise
Negative
  • Issuance of 1,111,111 new common shares may lead to dilution of existing shareholders

Debt Settlement Marks Another Milestone in Reklaim's Financial Stability, Following a Year of Consistent Profitability

NEW YORK, Oct. 10, 2024 /PRNewswire/ - Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), (the "Company"), the destination where consumers can view, edit, add and option their data for direct compensation, is pleased to announce a significant step in its financial strategy by reducing outstanding debt by approximately 11%. The Company has agreed to satisfy $100,000 of indebtedness owed to a non-arms length creditor through the issuance of 1,111,111 common shares at a deemed price of $0.09 per share (the "Debt Settlement").

This latest conversion follows a strong year for Reklaim, during which the Company has maintained consistent profitability. Most recently, Reklaim achieved a positive EBITDA of $154,290 for Q2 2024, positioning the Company for continued financial growth. The issuance price per share was based on the closing trading price of the Company's shares on the TSX-V on October 4th, 2024.

This strategic debt reduction aligns with Reklaim's ongoing commitment to enhance shareholder value and improve financial stability. The Debt Settlement is a critical component of the Company's broader capital strategy, designed to optimize its capital structure while minimizing dilution and fueling future growth.

All securities issued as part of the Debt Settlement are subject to a statutory hold period of four months plus one day from the issuance date. This transaction will not result in creating a new Control Person for the Company.

With this debt settlement, Reklaim is well-positioned to pursue new opportunities, expand its consumer base, and continue enhancing profitability in upcoming quarters.

Final approval of the Debt Settlement is subject to TSX approval.

Additionally the Company is pleased to announce the appointment of Stuart Pasternak as its new CFO, succeeding Dean Wood. Mr. Pasternak, CPA, CA, brings over 30 years of expertise in financial and strategic planning, as well as corporate and risk management, across both public and private sectors.

About Reklaim Ltd 

Reklaim provides compliant data to Fortune 500 brands, platforms, and data companies, empowering consumers to take control of their personal information. By visiting Reklaim, users can confirm their identity and uncover data that has been collected and sold without their explicit consent. Through a Reklaim account, consumers can choose to either monetize their data or safeguard it using Reklaim's suite of privacy tools. For more information, visit Reklaim's investor page.

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 adequacy or accuracy of this release.

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in preparing any forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management during preparation, such information may prove incorrect, and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any of the included forward-looking statements as expressly required by Canadian securities law.

This press release includes references to "EBITDA," which is not defined under the International Financial Reporting Standards (IFRS). This non-IFRS measure intends to provide additional helpful information to investors and analysts. This non-IFRS measure does not have a standardized meaning prescribed by IFRS and is, therefore, unlikely to be comparable to similar measures presented by other entities. As such, this non-IFRS measure should not be considered in isolation or used as a substitute for performance measures prepared per IFRS. EBITDA is calculated as income before interest, taxes, depreciation, and amortization expenses. EBITDA is considered a useful measure by the management of Reklaim to understand its profitability, excluding the effects of capital structure, taxation, and depreciation, but it may not be appropriate for other purposes. EBITDA is not defined under IFRS and should not be considered an alternative to, or more meaningful than, income (loss) and comprehensive income (loss).

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SOURCE Reklaim Ltd.

FAQ

How much debt did Reklaim (MYIDF) reduce through its recent debt conversion?

Reklaim (MYIDF) reduced its outstanding debt by approximately 11%, satisfying $100,000 of indebtedness through the issuance of common shares.

What was Reklaim's (MYIDF) EBITDA for Q2 2024?

Reklaim (MYIDF) achieved a positive EBITDA of $154,290 for Q2 2024.

Who was appointed as the new CFO of Reklaim (MYIDF)?

Stuart Pasternak, CPA, CA, was appointed as the new CFO of Reklaim (MYIDF), bringing over 30 years of expertise in financial and strategic planning.

At what price were the new shares issued in Reklaim's (MYIDF) debt settlement?

The new shares in Reklaim's (MYIDF) debt settlement were issued at a deemed price of $0.09 per share.

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