Toronto, Ontario--(Newsfile Corp. - April 19, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats'' or the "Company") announces that it has been requested by OTC Markets Group Inc. ("OTC Markets") to issue this statement about promotional activity concerning its common shares (the "Common Shares") traded on the OTCQB market (operated by OTC Markets).
On Tuesday, April 16, 2024, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and its Common Shares traded on the OTCQX Marketplace, including the distribution of promotional newsletter e-mails published by Spartan Trading Inc. discussing the Company, its business, and the global cybersecurity market generally.
On April 2, 2024, the Company entered into a digital marketing and consulting services agreement with Spark Newswire Inc. ("Spark"), an arm's length party to the Company, whereby Spark, along with its affiliates, would provide investor relations and advertising services to the Company. In addition, on April 2, 2024, the Company entered into an investor relations agreement with Outside The Box Capital Inc. ("Outside The Box" and together with Spark, the "Service Provider"), an arm's length party to the Company whereby Outside The Box would provide investor relations services to the Company. The nature of the relationship between the Company and each of Spark and Outside the Box, as well as the compensation to be paid to each of Spark and Outside the Box were publicly disclosed in the Company's news release dated April 12, 2024, which can be found under the Company's profile on SEDAR+.
The Company provided the Service Providers with publicly available sources of information for the newsletter, and the only editorial control the Company exercised over the materials involved reviewing the materials for accuracy prior to their dissemination. The Company does not believe the statements in the marketing materials and newsletter emails were materially false or misleading. After inquiry of management, other than as disclosed herein, no directors, control persons, officers or controlling shareholders have been involved with the creation, distribution or payment of promotional materials related to the Company and its securities.
The Company understands this promotional activity coincided with increased trading activity in the Common Shares beginning on April 15, 2024. The Company has no opinion as to whether or not and/or the extent to which the promotional activity affected trading activity because of the many factors that affect trading activity generally, which may include promotional activities as well as the volatile nature of the industry in which the Company is involved and the prior issuance of public news releases.
The Company has been advised by OTC Markets, that OTC Markets takes the position that the newsletter email profiling the Company contains promotional content and may encourage investors to purchase its shares. The Company wishes to caution readers that some of the content in the newsletter emails profiling the Company is speculative in nature. For more complete and specific information regarding the Company, its prospects and the risks associated with those prospects, readers should consult the Company's public filings on SEDAR+, its website and other reliable sources. The Company encourages investors to contact their investment advisers prior to making any investment.
Over the preceding 12 months, in addition to the above disclosed engagements with Spark and Outside the Box, the Company has also worked with the following third party service providers: BullVestor MedienGmBH, Gold Standard LLC, Haywood Securities Inc., North Equities Corp., all of which have provided consulting or digital marketing services, including content creation, distribution and market awareness campaigns.
Other than as previously disclosed by the Company in it's press release of March 8, 2024 and April 12, 2024, to the best of the Company's knowledge after due inquiry, no other officers, directors or controlling shareholders of the Company, nor any third party service providers, have purchased or sold securities of the Company within the past 90 days. Investors are reminded that the Company's officers and directors file insider reports under Canadian securities laws disclosing any transactions in the Company's Common Shares, and that these reports can be viewed on the SEDI website.
Other than as previously disclosed in the Company's public filings, the Company has not issued Common Shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
Further information about the Company and its previous financings and filings can be found on the company's SEDAR+ profile.
About Cybeats
Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com
Contact: James Van Staveren Corporate Development Phone: 1-888-713-SBOM (7266) Email: ir@cybeats.com
Forward-looking Information Cautionary Statement Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is 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 statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at www.sedarplus.ca.
