JIVA Technologies Strengthens Financial Position Through Debt Settlement
JIVA Technologies Strengthens Financial Position Through Debt Settlement
JIVA Technologies Inc. (CSE: JIVA) has taken significant strides to improve its financial standing by entering into settlement agreements with several creditors. These agreements involve the issuance of 1,500,000 common shares at a deemed price of $0.10 per share. This initiative is aimed at covering outstanding debts amounting to $150,000.
The debt settlement arrangements demonstrate JIVA's commitment to maintaining financial health and stability amidst challenging conditions. By opting for this approach, the Company can focus on its strategic goals without the burden of immediate financial obligations. The securities allotted to the creditors will be subject to a four-month hold period under Canadian securities laws, adding an important level of compliance.
Understanding the Debt Settlement
A significant portion of the shares, specifically 1,000,000, qualifies as a related party transaction. Such transactions require transparency and adherence to specific regulations set forth under Multilateral Instrument 61-101. JIVA's board of directors has made an informed choice to proceed with this debt settlement, citing serious financial difficulties as a rationale for exempting the deal from formal valuation requirements. This proactive decision is in alignment with the outcomes anticipated by the Company's leadership, focusing on fortifying its financial position.
Impact of the Settlement on JIVA Technologies
This strategic move not only alleviates immediate financial pressure but positions JIVA Technologies for future growth and opportunities. Each settlement share issued will empower the Company to pivot toward achieving its long-term vision, particularly in the wellness sector, where its interests lie.
JIVA Technologies has previously demonstrated its prowess in building niche wellness communities, bolstering its online presence through strategic ventures and digital marketing. This particular debt settlement is a part of a broader strategy to enhance its operational capacity and expand its engagement with customers across various platforms.
About JIVA Technologies
JIVA Technologies is more than just an entity focused on financial metrics; it is dedicated to fostering wellness through innovative solutions and creating immersive environments. The Company operates various online wellness marketplaces like Bloombox Club and is involved in vibrant dining experiences with offerings such as The Locavore Bar and Grill.
Recently, JIVA Technologies expanded its portfolio by engaging with VEG House, a notable name in the plant-based industry. These joint ventures are not just about diversification but also about creating communities where consumers find value and connection through wellness-oriented initiatives.
Contact Information for Further Queries
For those seeking to learn more about JIVA Technologies' initiatives and future plans, Lorne Rapkin, the Chief Executive Officer, can be reached at (416) 419-1415. As JIVA continues to explore new opportunities in the wellness sector, engaging with stakeholders remains a priority.
Frequently Asked Questions
What does the debt settlement mean for JIVA Technologies?
The debt settlement allows JIVA to clear outstanding debts while issuing shares, enhancing their financial flexibility and future growth potential.
How many shares are being issued in the debt settlement?
The company is issuing a total of 1,500,000 common shares as part of the debt settlement agreements.
What is the purpose of the related party transaction?
The related party transaction aims to maintain compliance with regulations while addressing serious financial challenges within the company.
Who can investors contact for more information about JIVA Technologies?
Investors can reach out to Lorne Rapkin, the CEO of JIVA Technologies, for further inquiries.
What other ventures is JIVA Technologies involved in?
In addition to their wellness initiatives, JIVA Technologies is partnering with organizations like VEG House to broaden their influence in the healthy living and wellness sector.
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