CALGARY, Alberta, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Carbeeza Inc. (the "Company" or "Carbeeza"; TSX.V: AUTO) announces that it has been advised Sandro Torrieri, President and CEO of the Company, has purchased shares of Carbeeza Inc. in the public market. The company further announces that, in continued support of the Company, Mr. Torrieri has loaned $250,000 CAD to the Company (the "Loan").
Following the acquisition of 102,500 common shares of Carbeeza, Mr. Torrieri holds an aggregate of 10,640,330 common shares representing 16.65% of the issued and outstanding shares of the Company. Mr. Torrieri acquired these securities for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
Carbeeza issued a promissory note to the Mr. Torrieri with respect to the Loan. The principal amount of the loan bears interest at an annual rate of 12% per annum and matures November 1, 2024, at which date the principal and interest are due in full.
The Loan by Mr. Torrieri constitutes a related party transaction, as defined under applicable securities laws. The fair market value of the subject matter of the Loan is less than 25% of the Company's market capitalization and the Company is relying on the exemption under Section 5.7(f) of Multilateral Instrument 61-101 - Protection of Minority Security Holders In Special Transactions from the minority shareholder approval requirements.
There was no undisclosed material information by the Company at the date of the Loan and the independent directors of the Company have approved the Loan from Mr. Torrieri.
Torrieri commented: “Despite strong macro-economic headwinds, I am optimistic about the potential of the Company and its future positioning.”
The Carbeeza platform is accessible on the web at www.carbeeza.com and the app is available for download on the Apple App and Google Play stores.
Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.
ON BEHALF OF THE BOARD OF DIRECTORS OF CARBEEZA INC.
Sandro Torrieri, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
For further information please contact:
Interim Chief Financial Officer
Joanna Hampton, CPA, CGA
Source: Carbeeza Inc.