Ubiquitech Reports Convertible Debt Forgiveness in Excess of $1,000,000

DENVER, CO, June 22, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Ubiquitech Software Corp. (OTC: UBQU) is pleased to announce that during its fiscal second quarter, more than $1,000,000 of convertible debt principal and accrued interest has been forgiven by its largest lender. On May 2, 2023, a judgment was entered against GPL Ventures and other GPL parties in a case captioned SEC v. GPL Ventures et al., 21 Civ. 6814 (S.D.N.Y.). The judgment requires GPL Ventures to surrender to Ubiquitech Software Corp. all unconverted convertible notes in their entirety as identified in an appendix to the judgment. The final numbers will be reflected in the company’s financial statements filed with OTCMarkets.com on or before July 15, 2023.

CEO James Ballas said, “This is a significant financial development.  It marks a large step toward ensuring the financial health of the company and reduced potential future dilution for existing shareholders. The company looks forward to sharing additional corporate developments with the investment community soon.”

The Company encourages shareholders to visit our official Twitter account for more updates: www.twitter.com/CorporateUbqu.

About Ubiquitech Software Corp.

Ubiquitech Software Corp., through its partner relationships, is a dynamic multi-media, multi-faceted corporation utilizing state-of-the-art global internet marketing, Direct Response (DRTV) Television, Radio, Internet Content, and traditional marketing to drive traffic to the new and emerging multi-billion-dollar industries like its partner Cannazall™.

About Cannazall™

Cannazall™ focuses on the exciting and dynamic new thinking in the world today that recognizes the important health and life enriching enhancement that CBD Oil from the Hemp plant can bring. Through its network of quality USA growers, Cannazall™ has developed multiple and proprietary Cannazall™ CBD oil products that include It’s popular CBD Tinctures, Concentrated Oils, GelCaps, Skin Salve, e-liquid, and Cannazall Pets™ CBD products all offered @ www.cannazall.com.

This press release contains forward-looking statements. Words such as "expects", "intends’, "believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These forward-looking statements involve several risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any such statements in order to reflect events or circumstances that may arise after the date of this release.

Contact / Investor relations
IR@UbiquitechSoftware.com