Toronto, Ontario--(Newsfile Corp. - September 26, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and operator of the Cubeler® Business Hub, is pleased to announce that it has filed the meeting materials (the "Meeting Materials") in connection with a special meeting of shareholders of the Company to be held on October 26, 2023 at 10:00am EST (the "Meeting"). Registered shareholders and duly appointed proxyholders will be able to attend and vote at the Meeting in-person and also access the Meeting via the Internet or by telephone. Further information regarding the Meeting can be found in the Meeting Materials filed under the Company's profile at www.SEDARPLUS.ca. Shareholders of record as of the close of business on September 5, 2023 are entitled to receive notice of and vote at the Meeting and are encouraged to vote by proxy in advance of the Meeting by one of the methods described in the Meeting Materials.
At the Meeting, Shareholders will be asked to increase the size of the Board to five directors, to elect additional independent directors to serve until the next annual meeting of shareholders and to approve the issuance of CAD$7,720,000 of securities of the Corporation to certain "related parties" of the Corporation.
Mayco Quiroz, a current director of the Corporation, has determined to resign his position effective as of the close of the Meeting in order to take up the position of Chief Operating Officer of the Company. As a result, the Board of Directors has determined that it is in the best interests of the Corporation to appoint a new independent director to replace Mr. Quiroz on the Board of Directors. The Board of Directors has also determined it to be in the best interest of the Company to increase the size of the Board to five directors from the current four directors in order to appoint an additional independent director and is seeking the authorization of the Shareholders in this regard. Please see the Meeting Materials for information regarding the Company's nominees and other important information.
Applicable securities laws and the policies of the Canadian Securities Exchange require that the Corporation obtain "minority approval" (as defined in Multilateral Instrument 61-101) for the issuance of securities to related parties in connection with a private placement financing of the Company (the "Offering"). Please see the press releases dated June 29, 2028, August 18, 2023 and September 8, 2023 for more information regarding the Offering. As a result, at the Meeting the Company shall seek approval from the minority shareholders of the Company for the issuance of securities in connection with the Offering to certain related parties. Please see the Meeting Materials for more information.
For further information regarding the business items to be considered at the Meeting, the Company's shareholders should review and consider the Meeting Materials, which contain important information concerning the Meeting and the matters to be considered by the Company's shareholders. Copies of the Meeting Materials are available at https://www.meetingdocuments.com/TSXT/PKK and on Tenet's profile on SEDAR+ at www.sedarplus.ca.
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 Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. For more information, please visit our website at: https://www.tenetfintech.com
For more information, please contact:
Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations
Johnson Joseph, Chief Executive Officer
514-340-7775 ext.: 501
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
Certain statements included in this press release constitute "forward-looking statements" under Canadian securities law, including statements in respect of the future operations and investments of and in the Company and any 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 plans and 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.