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Tenet Fintech Group Inc., through its subsidiaries, operates as an IT portfolio management company in China. The company operates through two segments, Fintech Platform and Financial Services. The Fintech Platform segment provides logistic, procurement, and distribution of products within supply chains or facilitating transactions in the commercial lending industry through technology platforms. The Financial Services segment offers commercial loans to entrepreneurs and small and medium-sized businesses, as well as turn-key credit outsourcing services to banks and other lending institutions. Formerly known as Peak Positioning Technologies Inc., the company changed its name to Tenet Fintech Group Inc. in November 2020. Conveniently based in Montréal, Canada, the company is at the forefront of leveraging technology in the financial sector to drive efficiency and growth.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) announced that CFO Jean Landreville will retire at the end of 2024 due to health reasons. Landreville, who served as CFO since January 2018, helped scale the company's annual revenue from CAD$1.6M to over CAD$100M in less than 4 years, leading to a CAD$1.1B market capitalization in summer 2021.
Maxime Couturier, who joined as Director of Finance in September 2024, will succeed Landreville as CFO starting January 1, 2025. Couturier, a CPA, brings experience from KPMG, Triton Advisory Services, and has held fractional CFO roles in software companies. Landreville will remain as a consultant through April 2025 to support the transition.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) announced that its CEO, Johnson Joseph, faces charges from l'Autorité des marchés financiers (AMF) following an investigation into possible market manipulation of company securities from April 2020 to November 2021. The investigation, which began in December 2021, could result in fines and prevent Joseph from serving as an officer and director if found guilty. Joseph denies any wrongdoing and maintains the support of Tenet's Board of Directors. He has retained counsel and plans to fight the charges, stating he has always acted with integrity and in shareholders' best interests.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) has begun onboarding the first SME clients from its partner Elite Times CPA to the Cubeler® Business Hub platform. This follows Tenet's granting of a master license of Dext Software's bookkeeping automation platform to Times CPA, enabling them to offer both the software and Business Hub membership to their SME clients.
Times CPA is actively promoting these services with the goal of registering most of their SME clients on the Business Hub by the end of 2024. This initiative is expected to expand the SME data pool on the platform, supporting the launch of Tenet's first ie-Pulse macroeconomic indicator indexes.
Tenet Fintech Group has awarded the first free master license of Dext Software's bookkeeping automation platform to Elite Times CPA. This follows their strategic partnership announced in August 2024. The software will enable Times CPA to eliminate manual data entry and serve more clients efficiently, while providing their SME clients with automated invoice processing and daily business performance tracking through a user-friendly dashboard.
The master license allows Times CPA to not only use the software for existing SME clients but also offer sub-licenses to attract new clients with a comprehensive package including their services, the automation software, and membership on the Cubeler Business Hub.
Tenet Fintech Group has enhanced its Cubeler® Business Hub platform by introducing free bookkeeping automation software from Dext Software This offering is available to SME owners who register their businesses and bookkeepers who bring their SME clients to the platform. The initiative complements existing Business Hub services including networking, advertising, insights, and financing. The company aims to accelerate SME registrations through this offer, particularly to support the launch of its ie-Pulse macroeconomic index data plans before the end of 2024, with a focus on gathering sufficient SME data for sectors like retail.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) reported its Q3 2024 financial results with revenue of $205,582, down from $9,244,460 in Q3 2023. The company recorded total expenses of $24,897,807, including an expected credit loss provision of $18,715,423 due to paused activities in China during its revenue model transition. The quarter resulted in a net loss of $24,692,225. The company announced the beta launch of its Cubeler Business Hub's Networking and Advertising modules, preparing for the commercial launch of its first data-driven ie-Pulse product in Q4 2024.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) and Dext Software have formed a strategic two-year partnership to integrate Dext's bookkeeping automation software into the Cubeler Business Hub. The partnership will provide Hub members access to Dext's automation platform, featuring tools like Approvals, Supplier Statements, and Mileage. Tenet gains a seat on Dext's North American Partner Advisory Council. This collaboration aims to enhance real-time financial data collection for SMEs, supporting Tenet's Tenoris3 subsidiary in creating more frequent macroeconomic indicator indexes. The partnership also strengthens Tenet's relationship with the Certified Professional Bookkeepers of Canada and their 2,200+ members.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) has launched the full versions of Networking and Advertising modules for its Cubeler® Business Hub, following their beta release on October 9, 2024. The update includes enhanced security features and improvements to the platform's Financing module. Members can now access industry-specific message boards, run targeted advertising campaigns using Cubeler Points™, and receive pre-qualified credit offers from commercial partners. Key features include regional message boards, private messaging, customizable ad campaigns with analytics, and a simplified credit product system with five main offerings.
Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) announces its participation in the 12th edition of Strategies PME event in Montreal. The company's VP of Marketing, Luc Godard, will present on SME growth strategies on November 20th, 2024. The two-day event at Montreal's Convention Center is expected to draw over 6,000 visitors from various industries.
The event aims to support Quebec-based SME owners and entrepreneurs by connecting them with field experts, offering advice on management and business expansion. Tenet will maintain a presence at booth 207 throughout the event, showcasing their Cubeler Business Hub and its capabilities for business growth and opportunity exploration.
Tenet Fintech Group (CSE: PKK) (OTC Pink: PKKFF) has received approval for its common shares to begin trading on the OTCQB Venture Market in the United States starting November 7, 2024, under the symbol 'PKKFF'. The company will maintain its listing on the Canadian Securities Exchange under 'PKK'. This strategic move aims to provide better access to U.S. investors, enhance shareholder liquidity, and ensure fair security valuation. The OTCQB listing will enable Tenet to reach a broader network of U.S. investors while providing them access to the same quality information available to Canadian investors through U.S.-based platforms.
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