SpotLite360 Announces Debt Settlement Transaction
DENVER and VANCOUVER, British Columbia, Jan. 27, 2023 (GLOBE NEWSWIRE) -- SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) announces that it has issued $70,000 worth of common shares (“Shares”) in the capital of the Company in full satisfaction of a debt related to a marketing agreement (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company issued 736,842 Shares at a deemed price of $0.095 per Share to the creditor.
All securities issued are subject to a statutory hold period which will expire on the date that is four months and one day from the date of issuance in accordance with Canadian Securities Laws.
None of the securities issued in connection with Debt Settlement will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
ON BEHALF OF THE BOARD OF DIRECTORS
SpotLite360 IOT Solutions, Inc.
Tim Harvie, President and CEO
+1 (720) 830-6120
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.