MYID Reklaim Ltd

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NEW YORK, Aug. 24, 2023 /CNW/ - Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), the destination for consumers to access and reclaim their data, is pleased to announce that all matters submitted to shareholders for approval at its annual general and special meeting of shareholders (the "Meeting") held on August 23, 2023 were approved. At the Meeting, all director nominees, Neil Sweeney, Robert Fernicola, Kevin Shea, Brad Marks, Andrew Elinesky, and Jason Maguire, were re-elected as directors of the Company. Shareholders also voted in favour of re-appointing MNP LLP as auditors of the Company for the ensuing year and authorized the board of directors of the Company to fix their remuneration.

In addition, shareholders of the Company approved the Omnibus Equity Incentive Plan (the "Omnibus Incentive Plan") to replace the existing stock option plan. The Omnibus Incentive Plan is a "rolling up to 10% and fixed up to 10%" share-based compensation plan pursuant to which up to an aggregate of 10% of the Common Shares issued and outstanding may be reserved for issuance under it and any other security-based compensation plans of the Corporation, in the form of stock options, restricted share units ("RSUs"), deferred share units ("DSUs") and performance share units ("PSUs").  A copy of the Omnibus Incentive Plan and further details are included in the Company's management information circular regarding the Meeting dated July 27, 2023, and available on SEDAR at www.sedarplus.com. The Omnibus Incentive Plan remains subject to the final approval of the TSXV.

The company is pleased to announce that it entered into a debt settlement agreement executed on July 11, 2023, to satisfy certain outstanding indebtedness owed to a specific arm's length creditor (the "Creditor") through the issuance of common shares (the "Common Shares") of the Company (the "Debt Settlement"). The Company plans to settle indebtedness of $100,000 by issuing 2,000,000 Common Shares of Reklaim Ltd. at a deemed price of $0.05 per Common Share.

The Company's goal in effecting the debt settlement is to preserve its working capital. The Debt Settlement is subject to the approval of the TSX Venture Exchange (the "TSXV"). The ‎Common Shares issued pursuant to the Debt Settlement will be subject to a four-month hold period from the date of issuance.

Additionally, as incorrectly stated in a previous release dated August 10th, 2023, the securities issued through the private placement financing highlighted in this August 10th release will be subject to a hold period expiring on January 21, 2024, rather than September 25, 2021, as first reported.

Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data.  To view more information about Reklaim, visit https://investors.reklaimyours.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accepts responsibility for this news release's adequacy or accuracy.

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include statements based on current expectations involving several risks and uncertainties without limitation and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not receive the final approval of the TSXV for the Omnibus Equity Incentive Plan and the debt conversion;  the market for privacy may not continue to grow, and recent privacy regulations may not have the anticipated effect; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedarplus.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.

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SOURCE Reklaim Ltd.