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Greg Watkin exercises convertible debenture of $106,000 purchased on January 31, 2024 to equity
Surrey, British Columbia--(Newsfile Corp. - January 23, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), is pleased to announce that its Founder and Chairman of the Board, Greg Watkin, has exercised his option to convert all his convertible debenture into common shares of the Company.
The convertible debenture of $106,000 was purchased by Watkin as part of the $570,000 convertible debt offering INEO closed in two tranches on January 31, 2024 and February 16, 2024.
This strategic decision underscores Watkin's strong confidence in the Company's growth trajectory and long-term potential. By converting the debenture, Watkin not only increases his investment in the Company but also aligns his interests even more closely with those of all shareholders.
"This conversion represents my unwavering belief in the Company's vision and the opportunities we have ahead of us," said Greg Watkin. "As we continue to innovate, execute on our strategic goals and build value for our stakeholders, I'm proud to demonstrate my personal commitment to the Company's future success."
In addition to Watkin's debt conversion, another holder of $100,000 in convertible debt from the first tranche of the convertible debenture offering, which closed on January 31, 2024, has also exercised their conversion rights. The conversion of these debentures into equity further strengthens the Company's financial position by reducing its outstanding convertible debt from this offering to $364,000. This move provides additional flexibility to pursue growth opportunities, enhance operations and drive shareholder value.
"We are thrilled to see this show of confidence from our Chairman," said Kyle Hall, INEO's CEO. "It reflects not only a belief in the Company's strategy but also the strength of our team and the value we are creating for our shareholders. This transaction underscores the commitment of our leadership to the long-term success of the Company."
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer and Director
About INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF)
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers, and INEO Retail Media, an advertising sales provider for in-store retail media. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB under the symbol "INEOF".