No Impact on Share Structure as Company
Strengthens Financial Position
NEW
YORK, April 24, 2024 /CNW/ - Reklaim
Ltd. (TSXV: MYID) (OTC: MYIDF) (the "Company"), the
destination where consumers can view, edit, add, and option their
data for direct compensation, is pleased to announce that it has
reduced its overall debt by 9.8%. This reduction was achieved
through a cash payment to a non-arms-length creditor, totaling
$100,000. The cash used for this
payment came from the exercise of warrants by existing investors,
reflecting their continued confidence in the company's vision.
Importantly, this debt reduction does not affect the company's
share structure. No new shares have been issued, and the fully
diluted capital table remains the same at 114,896,595 shares
outstanding.
This successful debt reduction follows a year of strong
financial performance for Reklaim Ltd., highlighted by the
company's first full year of profitability and record revenue of
$1,416,230 in Q4-2023, a 97%%
increase compared to Q4-2022.
Reklaim Ltd.'s latest milestone reinforces its commitment to
empowering consumers by giving them control over their personal
data while sustaining a strong financial trajectory. The company is
dedicated to creating new avenues for consumers to earn
compensation through effective data management and
monetization.
Additional Information
The Company's Board of Directors has approved the issuance of
1,634,000 stock options and restricted share units ("RSUs") as part
of its Omnibus Equity Incentive Plan. This allocation includes
1,106,000 stock options granted to the company's officers and
employees, with an exercise price of $0.14 per share and a five-year term.
Additionally, 528,000 RSUs were granted to the Company's directors,
vesting immediately upon issuance.
All stock options and RSUs were issued in compliance with the
Company's Omnibus Equity Incentive Plan and are subject to the
applicable regulations of the TSX Venture Exchange.
About Reklaim
Reklaim provides compliant, zero-party data to Fortune
500 brands, platforms, and data companies while empowering
consumers to reclaim their personal information. With Reklaim,
users can visit the platform, confirm their identity, and discover
what data has been collected and sold without explicit consent. By
creating a Reklaim account, consumers can take control of their
personal data and, if they choose, earn compensation for sharing
it.
To learn more about Reklaim and its mission to return data
ownership to consumers, visit Reklaim's Investor Relations
page at https://www.investors.reklaimyours.com/.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the TSX Venture Exchange's
policies) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking statements and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will," "may,"
"should," "anticipate," "expects," and similar expressions. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
the closing of the Debt Settlement and TSXV approval of the Debt
Settlement, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations are risks detailed from time to time in
the filings made by the Company with securities regulators.
The reader is cautioned that assumptions in preparing
forward-looking information may prove incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted due to numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. As a result, the Company cannot guarantee
that any forward-looking statement will materialize, and the reader
is cautioned not to place undue reliance on any forward-looking
information. Although considered reasonable by management during
preparation, such information may prove incorrect, and actual
results may differ materially from those anticipated. This
cautionary statement expressly qualifies forward-looking statements
in this news release. The forward-looking statements in this news
release are made as of the date of this news release. The Company
will only update or revise any of the included forward-looking
statements as expressly required by Canadian securities
law.
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SOURCE Reklaim Ltd.