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Calgary, Alberta – TheNewswire – January 31, 2024 – Impact Analytics Inc. (“Impact Analytics” or the “Company”) (CSE:PACT) (OTC:IPTNF) (FWB:9YZ0), would like to clarify certain statements contained in its news releases dated November 7, 2023, December 5, 2023, and January 12, 2024 (the “News Releases”).
On November 7, 2023, the Company announced that it continues to accelerate the expansion of its business lines to include patentable risk management and assessment models underpinned by artificial intelligence. The Company would like to reiterate that all of its current product and service offerings are still under development, and that it will provide further updates as developments materialize. The Company would also like to provide an update regarding the milestones schedule and development plan under the Company’s Development Services Agreement with Research Laundry LLC (“Research Laundry“): Research Laundry is actively developing the Company’s product and service offerings, and is aiming to achieve, or assist the Company in achieving, the following milestones:
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filing of a provisional patent relating to Research Laundry’s work product (“Work Product”);
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the completion of the Minimum Viable Product relating to the Work Product (MVP”);
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the Company raising $1,000,000 by way of the issuance of equity securities, debt or other financial instruments, following the completion of the MVP; and
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the completion of the beta launch of the Work Product.
Each of the milestones above would entitle Research Laundry to 250,000 common shares in the capital of the Company or restricted share units, a combination thereof, subject to applicable securities laws and the policies of the Canadian Securities Exchange. There is no certainty that any of the milestones described above will be achieved.
Under the terms of the Development Agreement, the Company will own the rights to any intellectual property developed by Research Laundry in connection with the Work Product.
On December 5, 2023, the Company announced that it has secured long-term, privacy-centric data center co-location and hosting solutions (the “co-Location and Hosting Services“) pursuant to an agreement with Hurricane Electric LLC (“Hurricane Electric“). The Company would like to clarify that it at the time of the announcement it had reached an agreement in principle with Hurricane Electric for the provision of the co-Location and Hosting Services, which has now been finalized into a master services agreement with Hurricane Electric (“MSA“). Pursuant to the MSA, Hurricane Electric has agreed to provide the co-Location and Hosting Services, until such services are terminated by either party.
On January 12, 2024, the Company announced that it had closed the final tranche of a private placement for $1,000,000 in proceeds (the “Private Placement“). The Company would like to clarify that the Private Placement generated aggregate gross proceeds of $752,070 through the sale of 1,504,140 units of the Company at a price per unit of $0.50 per unit. The Company expects to use the proceeds from the Private Placement for product development and working capital purposes.
DTC ELIGIBILITY
The Company further announces, that the Company’s common shares are eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in the United States.
DTC, a subsidiary of the Depository Trust & Clearing Corp., oversees the electronic clearing and settlement of publicly traded companies in the United States. Securities eligible for electronic clearing and settlement through DTC are termed as DTC eligible. Such eligibility is anticipated to streamline trading processes and boost liquidity for the Company’s common shares in the United States.
Eric Entz, the Company’s CEO, commented, “Receiving DTC eligibility exemplifies the Company’s dedication to enhancing visibility and accessibility for its shareholders in the United States, facilitating Impact Analytics to broaden its presence within the global investment community. This also streamlines trading processes, benefiting a broader spectrum of investors with increased efficiency and seamlessness.”
DTC eligibility brings advantages to current investors, including enhanced liquidity and faster execution speeds, while also welcoming new investors who were previously restricted from accessing its common shares.
About Impact Analytics
Impact Analytics is a risk assessment, data intelligence and financial services platform powered by AI. The Company is building a proprietary product stack to optimize and streamline financial decision making for enterprises and individuals. Learn more at https://www.impactrisk.ai/.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer Eric Entz
Head Office 2004 Sherwood Drive, Sherwood Park, Alberta T8A 0Z1
Telephone +1 (587) 208 4044
Email [email protected]
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Information
Certain information in this news release may constitute “forward-looking” information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan” and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.
Forward-looking statements in this news release may include, but are not limited to, the development of its product and service offerings, including the development of such by Research Laundry; entering into a written formal agreement with Hurricane Electric for the provision of the co-Location and Hosting Services; and intended use of proceeds in connection with the Private Placement.
Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Corporation’s Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca.
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