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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 Inc. (CSE: PKK) (OTC Pink: PKKFF) has secured a credit facility of up to $5 million from Petiana Capital Inc. (PCI) and terminated its ongoing private placement financing. The credit facility allows Tenet to drawdown up to $5 million over 12 months, with a 10% annual interest rate and 24 months to repay each drawdown. PCI will receive one warrant per dollar advanced, exercisable at $0.25 or a 25% premium to Tenet's share price.
Tenet plans to use the funds to market its Business Hub, complete the ie-Pulse platform, and launch a marketing campaign for ie-Pulse data plans. CEO Johnson Joseph views this as a significant win for the company and shareholders, avoiding potential dilution from the terminated financing. Tenet aims to achieve its first Canadian data plan sales in the second half of 2023.
Tenet Fintech Group, an analytics service provider, has updated its private placement financing efforts, extending the deadline to close on $5M-$10M to August 15, 2024. A minimum first tranche of $2.5M is set to close by July 19, 2024. This extension accommodates strategic investors. All financing terms remain unchanged despite a share price drop. President and CEO Johnson Joseph noted the delay was beyond the company's control but emphasized ongoing communication and transparency with shareholders about this vital financing for 2024 objectives.
Tenet Fintech Group (CSE: PKK, OTC Pink: PKKFF) published an interview with CEO Johnson Joseph regarding the company’s Q1 2024 financial results. The interview, conducted on May 30, 2024, is accessible on Tenet’s website. As a provider of analytics services through the Cubeler® Business Hub, Tenet discusses key financial metrics and business performance for the first quarter.
Tenet Fintech Group announced its Q1 2024 financial results. The company reported revenue of $765,635, an adjusted EBITDA of ($3.1 million), and a net loss of $5.41 million. This significant drop in revenue from $9.49 million in Q1 2023 is attributed to a transition from transaction fees to a subscription fee-based model and new regulations in China. The company also faced lingering effects from internal control struggles in 2023. Tenet has adapted its platforms to comply with new Chinese regulations and expects to resume regular activity in Q2 2024. Development continued on the Cubeler® Business Hub in Canada, and a new data science subsidiary was established in China.
Tenet Fintech Group and Able View Global have reached an agreement in principle to distribute Canadian brands in China. Tenet, known for its Cubeler Business Hub, will collaborate with Able View, China's second largest international beauty and personal care brand manager. The partnership aims to develop a program to identify Canadian brands suitable for distribution in China. The revenue-sharing structure between the companies is expected to be finalized by July 31, 2024.
Tenet Fintech Group Inc. released an interview with CEO Johnson Joseph discussing the year-end 2023 financial results. The interview covers key insights into the company's performance and is accessible on the company's website.
Tenet Fintech Group Inc. announced its 2023 financial results, reporting revenue of $42.08 million, a net loss of $78.33 million, and negative cash flow. The revenue decline was impacted by CEO and executive changes, operational restructuring in China, and the transition to a data-driven revenue model. The company's operating highlights include partnerships with eCapital and the Canadian Chamber of Commerce, as well as the launch of Tenoris3 data science subsidiary's website. Tenet's focus for 2024 is on launching ie-Pulse and Equity Insider products and expanding operations in the U.S. and China.
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