TURNIUM TECHNOLOGY GROUP INC. ANNOUNCES DEBT SETTLEMENT AGREEMENT
Turnium announces debt settlement and management rationalization to further support the Company’s strategic plans for continued growth
May 9, 2023 – Vancouver, Canada – Turnium Technology Group Inc. (TSX.V: TTGI) (“Turnium” or “the Company”), Turnium Technology Group Inc. (TSX.V: TTGI) (“Turnium” or “the Company”), announces that it has entered into a Debt Settlement agreement to settle CAD $16,875.00 in debt through the issuance of 112,500 Debt Warrants. These Debt Warrants issued are exercisable into common shares of the Company with an exercise price of $0.15 for a period of 12 months. There are no finder’s fees or commissions payable in connection with this Debt Settlement transaction. The Debt Settlement is subject to the acceptance of the TSX Venture Exchange (“TSXV”). The warrants issued will be subject to a statutory 4-month hold period for any shares issued prior to the four-month period being completed.
Turnium also announces further rationalization and streamlining of its management team layers and responsibilities. As part of these cost cutting efforts, John Wigboldus, the Company’s Chief Revenue Officer, has left Turnium and transitioned his duties. The Company thanks John for his service throughout his tenure and wishes him well in his future endeavors.
Geoff Hultin, previously Chief Marketing Officer, has been promoted to Chief Commercial Officer, responsible for Turnium’s distribution partnerships, sales and marketing initiatives. Geoff brings 30 years of executive experience in technology sales and marketing, and been with Turnium since 2017.
Derek Spratt, CEO of Turnium commented, “We continue to implement and see progress in our cost cutting initiatives and rightsizing of our balance sheet. Included in these efforts is assessing and rationalizing our management team when required, and improving our efficiencies and service. We are happy to have promoted Geoff to his new role and would like to thank John for his service.”
About Turnium Technology Group Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN solutions is sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the Company may terminate and not proceed with the Agreement, or that the Agreement and associated transactions will not be successfully completed for any reason (including failure to obtain the required acceptance from the TSX Venture Exchange). The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.