Calgary, Alberta / May 27, 2025 – TheNewswire – Credissential Inc. (“Credissential” or the “Company”) (CSE: WHIP) (OTC: IPTNF) (FSE: 9YZ) announces that it has closed its previously announced debt settlement agreements (the “Settlement Agreements”) to settle an outstanding debt owed to certain arm’s length creditors (the “Creditors”) totaling CAD $1,411,844.78 (the “Debt Settlement”). Pursuant to the Settlement Agreement, the Company has issued an aggregate of 23,949,650 common shares (each a “Share”, collectively the “Shares”) at a deemed price of $0.05 per Share.

 

A total of 7,396,884 Shares were issued to creditors that are considered “insiders” of the Company, and as such, their participation in the Debt Settlement constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(g) and 5.7(1)(e) thereof, on the basis that: (i) the Company is in serious financial difficulty, (ii) the Debt Settlement is designed to improve the financial position of the Company, (iii) the Company is not currently subject to any of the proceedings contemplated by Section 5.5(f)(i) of MI 61-101, (iv) the Company has two directors independent of the Debt Settlement and (v) the completion of the Debt Settlement is subject to the approval of both of the independent directors of the Company, having determined that the foregoing criteria in (i) and (ii) are met, and that the terms of the Debt Settlement are reasonable in the circumstances of the Company.

 

Of the Shares that were issued, 7,844,150 Shares are subject to a statutory four-month and one-day hold period in accordance with National Instrument 45-106 – Prospectus Exemptions, while 16,105,500 Shares were not subject to a hold period, as they were issued pursuant to the exemption under Section 2.24 of NI 45-106 and a waiver by the Canadian Securities Exchange (“CSE”) was granted pursuant to the policies of the CSE.

 

The board of directors of the Company determined that it is in the best interests of the Company to complete the Debt Settlement in order to preserve the Company's cash for working capital.

 

About Credissential

 

Credissential is an AI powered financial services software developer, currently focused on the development and commercialization of its flagship products, Credissential Dealerflow, Antenna, and CoinCMPLY. By addressing critical friction points in financial transactions, Credissential enables businesses and individuals to transfer value efficiently, securely, and compliantly.

 

For more information about Credissential and other products from Credissential, visit www.credissential.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Chief Executive Officer                Colin Frost

Head Office                         2004 Sherwood Drive Sherwood Park, AB T8A 0Z1

Telephone                         (604) 917-0375

Email                                 info@credissential.com  

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Forward-Looking Information

Certain information in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release. Forward-looking statements are based on specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties. Forward-looking statements are inherently risky, and the information and plans disclosed therein may not come to fruition as contemplated or at all. Forward-looking statements in this news release include, but are not limited to, statements relating to: the Settlement Agreements, the Debt Settlement, the issuance of the Shares, business plans, objectives and strategy.

Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca.