Reklaim Ltd. Reduces Debt Following Successful Warrant Exercises
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.
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.
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.
SOURCE Reklaim Ltd.
please contact: Ira Levy, CFO, 1-855-908-DATA, E: [email protected]
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