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infinitii ai inc. announces convertible debenture offering to fuel next phase of growth and extends its thanks to outgoing Director Vikas Ranjan

CNW Group
·3 min read

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, June 25, 2024 /CNW/ - infinitii ai inc. ("infinitii ai", the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF) is pleased to announce plans to raise up to $875,000 through the issue of convertible debentures. The convertible debentures carry an interest rate of 10% per year, compounded semi-annually, mature 36 months from the date of issue and are convertible along with any accrued interest into Units (each a "Unit") at $0.05 per Unit at any time before the maturity date. The Units consist of one common share in the capital of the Company (a "Share") and one share purchase warrant allowing the holder to purchase one Share at $0.10 per Share for a period of 36 months from the issue of the Warrant.

"This financing is going to be deployed as working capital for new business initiatives and payment of certain outstanding convertible debentures," said CEO Jean Charles Phaneuf. "Sales growth creates the need for working capital as we continue to attract new customers in the USA and Canada."

infinitii ai also announces that Vikas Ranjan has resigned from the Company's Board of Directors effective June 25 for personal reasons. Mr. Ranjan has performed this duty since 2019 and the Company thanks him for his contribution. Mr. Ranjan served on the Board as the Company undertook a corporate transformation that included the launch of a multi-product software portfolio and in its most recent quarter, its highest-ever quarterly revenue for software sales.

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About infinitii ai inc.

Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region Hamilton, and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix Technical Services Inc. and TREKK Design Group, LLC.

infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE infinitii ai inc.

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View original content: http://www.newswire.ca/en/releases/archive/June2024/25/c1861.html