TORONTO, Dec. 23,
2024 /CNW/ - Genifi inc. (TSXV: GNFI) ("genifi" or
the "Company") announced today that it has reached an agreement
with Ada Support Inc. ("Ada") to transfer the Company's tunl.chat
customers to Ada. tunl.chat has been a white label of Ada's
platform offered by the Company and given that the Company has now
reduced its employee headcount and services business significantly
it no longer made commercial sense to continue to offer this
product. Ada has agreed to pay $20,000 to the Company in connection with the
transfer of the customers. Completion of the transfer remains
subject to the satisfaction of certain conditions. The transfer of
customers is expected to be made effective in early January
2025.
The Company also announced today that it has terminated the
employment agreements with Tom
Beckerman (CEO) and Andrew
Hilton (CFO). Both Mr. Beckerman and Mr. Hilton will be
retained as contractors to serve in the roles of CEO and CFO,
respectively. Mr. Beckerman's compensation will be reduced by
50% as part of this change and Mr. Hilton's compensation will
remain unchanged. The change in the nature of the retention of
Mr. Beckerman and Mr. Hilton was made as a result of the fact
that the Company has largely ceased active operations. The
terminations also stop the accrual of potential future severance
owing to Mr. Beckerman and Mr. Hilton. The Company's
independent directors have approved a severance payment to Mr.
Beckerman equal to two years of salary and a severance payment to
Mr. Hilton equal to six months of salary.
The Company will continue to review strategic alternatives and
will provide updates in future press releases.
About genifi inc.:
Further information on the Company can be found at
www.genifi.com.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Specifically, and without limitation, this press
release contains forward-looking statements and information
relating to the closing of the transaction with Ada and the timing
thereof. Although genifi believes that the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, and that information obtained from third party sources
is reliable, they can give no assurance that those expectations
will prove to have been correct.
Readers are cautioned not to place undue reliance on
forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon
which the forward-looking statements are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual
results in future periods to differ materially from any estimates
or projections of future performance or results expressed or
implied by such forward-looking statements. These risks and
uncertainties include, among other things, the ability to satisfy
the conditions to the completion of the transaction with Ada, risk
factors set forth in genifi's Management's Discussion and Analysis
for the period ended September 30,
2024, a copy of which is filed on SEDAR+ at
www.sedarplus.ca. Readers are cautioned that this list of risk
factors should not be construed as exhaustive. These statements are
made as at the date hereof and unless otherwise required by law,
genifi does not intend, or assume any obligation, to update these
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation 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.
SOURCE genifi inc.
