TrustBIX Inc. Announces Cancellation of Shares Held in Escrow

Rhea-AI Summary

TrustBIX Inc. announced the cancellation of 20,000,000 common shares held in escrow, reducing the total outstanding common shares to 118,869,330. The Escrow Shares were to be released upon meeting specific conditions related to the acquisition of Insight Global Technology Inc., but as the conditions were not met, the shares were cancelled without any consideration. This event impacts the company's share structure and highlights the importance of meeting acquisition-related conditions.

Positive

• Reduction of outstanding common shares to 118,869,330
• Cancellation of 20,000,000 Escrow Shares without any consideration
• Failure to meet conditions related to the acquisition of Insight Global Technology Inc.
• Importance of meeting acquisition-related conditions for share issuance
• Impact on company's share structure

Negative

• None.

Edmonton, Alberta--(Newsfile Corp. - April 25, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces the cancellation of 20,000,000 common shares in the capital of the Company (the "Escrow Shares") effective April 23, 2024. The Escrow Shares were held in escrow and were to be released if certain conditions, pursuant to the acquisition of Insight Global Technology Inc. previously announced on March 7, 2022, were met. The required conditions were not met, resulting in the cancellation of the Escrow Shares without issuance of any consideration by TrustBIX. After the cancellation there are 118,869,330 common shares issued and outstanding.

About TrustBIX (TSXV: TBIX)

TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.

www.TrustBIX.com

Forward-Looking Information

This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.

FOR MORE INFORMATION CONTACT:

Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com

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 of accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206903

FAQ

What did TrustBIX Inc. announce regarding its shares?

TrustBIX Inc. announced the cancellation of 20,000,000 common shares held in escrow, reducing the total outstanding common shares to 118,869,330.

When were the Escrow Shares cancelled?

The Escrow Shares were cancelled effective April 23, 2024.

What were the conditions for the release of Escrow Shares?

The Escrow Shares were to be released upon meeting specific conditions related to the acquisition of Insight Global Technology Inc.

How many common shares are currently issued and outstanding after the cancellation?

After the cancellation of the Escrow Shares, there are 118,869,330 common shares issued and outstanding.

Why were the Escrow Shares cancelled without issuance of any consideration?

The required conditions related to the acquisition of Insight Global Technology Inc. were not met, leading to the cancellation of the Escrow Shares without any consideration.