extractX Ltd. Announces Spin-off of Ownership in ihiveLIVE Inc.
extractX Ltd. Announces Spin-off of Ownership in ihiveLIVE Inc. and Settlement of Certain Liabilities
Niagara, ON – September 30, 2021
extractX Ltd. (formerly Tri-Media Integrated Marketing Technologies Inc.) (the “Company”), today announced the spin-off of its ownership in ihiveLIVE Inc. and the settlement of certain liabilities.
As contemplated in the Amalgamation Agreement (the “Agreement”) to be signed by extractX Incorporated, 12491613 Canada Inc. and the Company, on October 1, 2021 the Company will spin off its ownership and investment in ihiveLIVE Inc. (“ihl”) to its existing shareholders (as of today there are 937,533 shares outstanding post-Consolidation) who in turn will exchange their individual interest in the note receivable owing for common shares of ihl. The Company created a security entitling its holders to these assets and is treating this transaction as a dividend of that Company security. An independent valuation of ihl determined the value of the Company interest in ihl (the 1,099,131 ihl common shares and the $1,245,971 note receivable) to be $4,361,187. Individual information will be provided to shareholders.
Additionally, as contemplated in the Agreement, on October 1, 2021 the Company is settling certain liabilities by the issue of common shares (post-Consolidation and after the payment of the dividend of the ihiveLIVE Inc. interest to the Company’s shareholders). The Company will issue today 399,271 common shares to settle $37,500 of accounts payable, $60,000 of accrued Board of Directors fees, $276,008 of an amount owing to an individual shareholder and $25,763 of an amount owing to a corporate shareholder.
No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.
Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).
Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.