Oakville, Ontario--(Newsfile Corp. - September 23, 2024) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings is pleased to announce it has entered into a consulting agreement dated September 23, 2024 with DPRM Group, LLC who will provide consulting and business advisory services to the Company for an initial six-month term. The monthly consulting fee includes US$12,500 payable in common shares of the Company (at a price per share equal to the five day VWAP). Depending on performance, the Company has the option to pay a discretionary bonus at the end of the term, payable in cash, common shares or any combination thereof at the discretion of the Company. The issuance of common shares as payment towards the monthly consulting fee and any discretionary bonus will be subject to receipt of all necessary regulatory approvals, including from the CSE. The common shares to be issued will be subject to resale restrictions in accordance with applicable securities laws and will not be registered under the U.S. Securities Act of 1933, as amended. The term of the agreement is for a period of six months ending March 23, 2025, and includes an early termination provision whereby either of the Company or the consultant may terminate the agreement upon 10 days written notice. The Company has the option to renew the agreement after the initial six-month term on the same terms, and any renewal will be at the discretion of the Company.
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has exclusive worldwide licenses to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE BOARD
"Carolyn Myers" Carolyn Myers Chief Executive Officer and Director
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the issuance of common shares of the Company; payment of a discretionary bonus; renewal of the agreement after the initial six month term; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. The reader is urged to refer to such public filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
