Vancouver, B.C. – TheNewswire - December 31, 2024 - Mobio Technologies Inc. (“Mobio” or the “Company”) (TSXV: MBO) announces that it has issued a new promissory note in the amount of $238,905 CAD to replace the existing loan from Lanebury Growth Capital Ltd. (“Lanebury”). The new loan bears interest at an annual rate of 12% and matures on June 30th, 2025, at which date the principal and interest are due in full.

 

The Loan from Lanebury is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Mr. Lance Tracey is the beneficial owner of Lanebury, and a control shareholder of Mobio.  

 

Mobio relied on the exemption from the valuation requirement pursuant to section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by section 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101.

 

There is no undisclosed material information by Mobio and Mobio has at least one independent director, and the independent directors have approved the Amendment to the Loan from Lanebury.

 

The Company also wishes to provide an update to its previously announced transaction with Tracksuit

Movers Inc. (“TMI”) (the “Transaction”).

 

In its news releases issued on March 14, 2022, March 16, 2022, May 30, 2022, March 2, 2023, November

10, 2023, April 5, 2024, May 16, 2024, June 10, 2024, July 17, 2024, September 3, 2024, November

7, 2024 and December 11, 2024 Mobio announced and provided updates to the proposed 100% acquisition of Tracksuit Movers Inc., a full-service moving company franchisor through a share exchange. Mobio is currently working with TSX Venture Exchange (the “Exchange”) in respect to the Transaction.  

 

Completion of the Transaction is subject to a number of conditions, including but not limited to, preparing

and entering into a binding agreement, acceptance by the Exchange and disinterested shareholder approval.

The Transaction cannot close until the required shareholder approval is obtained. There can be no

assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except

as disclosed in the management information circular or filing statement to be prepared in connection with

the Transaction, any information released or received with respect to the Transaction may not be accurate

or complete and should not be relied upon. Trading in the securities of Mobio should be considered highly

speculative.

About Mobio Technologies Inc.

Mobio is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, BC, and runs Strutta.com Media Inc. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta’s Promotions API provides a technology platform that facilitates social media competitions and campaigns for global brands. For more information visit www.mobio.net.

 

For additional information please contact:

 

Laurie Baggio, CEO Tel:  778-300-7565 ir@mobio.net

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profile of Mobio.

 

Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.