Toronto, Ontario--(Newsfile Corp. - June 19, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), a fintech technology and data services provider and operator of the Cubeler® Business Hub, today announces that it was made aware of certain statements provided to some of the Company's shareholders. The special committee of the board of directors of Tenet (the "Special Committee") believes it needs to address these allegations in light of Tenet's upcoming annual general meeting to be held on Tuesday, June 27th, 2023 at 10:00 am ET (the "AGM").
Proposed Financing Assistance
The Company has always been open to receiving tangible financing proposals, as long as it is done through proper channels and in full compliance with applicable securities laws and regulations. No financing of this kind was ever brought to the Special Committee by Mr. Joseph.
The October interview that Mr. Joseph participated in was prevented from being released by Tenet's board of directors on the advice of legal counsel, as it was viewed as being unsupported forward looking financial information. Nor did the Company authorize its subsequent release in recent weeks.
Outstanding Promissory Note
Upon Mr. Joseph's termination from the Company, his immediate repayment of his loan and accrued interest was requested as standard employment policy. He has not repaid the promissory note, nor has he entered into any repayment plan or agreement. Approximately $75,000 remains outstanding.
The Company's Business Plans for Canada
The recent business plan described in the Company's news release dated Thursday, June 15, 2023 is based on the work of the Special Committee and certain members of management. This endeavour looks to develop capabilities the Company has not previously focused on for small and medium-size businesses ("SMEs") with a prudent approach to developing the path forward in a cost-effective manner. The Company plans to share more information at the upcoming AGM.
Assistance is Available for Shareholders Who Look to Vote Before the AGM Deadline
Tenet reminds the Company's shareholders that the deadline to vote is prior to 10:00 am ET on Friday, June 23, 2023. For any questions or more information with respect to the AGM 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.
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) 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 data-based services to businesses and financial institutions through the Business Hub, a global ecosystem where analytics and data 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