Tenet Announces Further Cost Reductions and Encourages Shareholders to Vote for Management's Nominees for Election to the Board

Rhea-AI Summary

Tenet Fintech Group Inc. has reduced the cost of running its Canadian operations by approximately 60% as part of its cost streamlining process. The company encourages shareholders to vote for Management's nominees for election to the board of directors. The deadline to vote is June 23, 2023.

Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative fintech technology services provider and operator of the Cubeler® Business Hub, announces today, as part of its ongoing cost streamlining process, that the Company has further reduced the cost of running the Company's Canadian operations on a go-forward basis to a total of approximately 60%.

Tenet's Management also encourages the Company's shareholders to vote for Management's nominees for election to Tenet's board of directors. In addition, Tenet reminds the Company's shareholders that the deadline to vote is prior to 10:00 am ET on Friday, June 23^rd, 2023.

Copies of the management information circular, which was filed on SEDAR on May 31, 2023, together with related meeting and proxy materials are available on Tenet's SEDAR profile at www.sedar.com.

For any questions or more information with respect to the Company's Annual General Meeting, which will be held on Tuesday, June 27, 2003 at 10:00 am ET, please contact TMX Investor Solutions at 1-800-549-6746 toll free in North America or 1-201-806-7301 outside of Canada and the United States, or by email at INFO_TMXIS@TMX.com.

Forward-looking information

Certain statements included in this presentation constitute "forward-looking statements" under Canadian securities law, including statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.

Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

All amounts are in Canadian dollars unless otherwise indicated.

About Tenet Fintech Group Inc.:

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: http://www.tenetfintech.com

For more information, please contact:

Tenet Fintech Group Inc.

Christina Boyd, Director, Investor Relations
416-428-9954
cboyd@tenetfintech.com

Follow Tenet Fintech Group Inc. on social media:
Twitter: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169896

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Tenet Fintech Group Inc.

What cost has Tenet Fintech Group Inc. reduced?

Tenet Fintech Group Inc. has reduced the cost of running its Canadian operations.

By what percentage has Tenet Fintech Group Inc. reduced its costs?

Tenet Fintech Group Inc. has reduced its costs by approximately 60%.

What is the deadline for shareholders to vote?

The deadline for shareholders to vote is June 23, 2023.

What should shareholders vote for?

Shareholders should vote for Management's nominees for election to the board of directors.

What is the contact information for more information about the Annual General Meeting?

For more information about the Annual General Meeting, please contact TMX Investor Solutions at 1-800-549-6746 toll free in North America or 1-201-806-7301 outside of Canada and the United States, or by email at INFO_TMXIS@TMX.com.