VANCOUVER, British Columbia, Canada – March 2, 2026 – TheNewswire - Grounded People Apparel Inc. (“Grounded” or the “Company”) (CSE: SHOE.X), (OTC PINK: GPAIF), (Frankfurt: K1G, WKN: A3DVB1) announces that it has entered into debt settlement agreements dated March 2, 2026 (the “Settlement Agreements”) with certain creditors of the company (collectively, the “Creditors”). Pursuant to the Settlement Agreements, the Company has agreed to issue an aggregate of 4,500,000 common shares of the Company (each, a “Share” and collectively, the “Shares”) at a deemed price of $0.10 per Share in full settlement of an aggregate amount of $450,000 of outstanding indebtedness (the “Settlement”).

 

All the settlement agreements are with arm's length parties; such parties having acquired the debts from a corporate services provider. The original debt was incurred in relation to corporate secretarial services and back-office support. 

The Settlement is subject to approval of the Canadian Securities Exchange. Closing of the Settlement is expected to occur on or before March 9, 2026.

The Company did not file a material change report more than 21 days before the expected closing of the Settlement because the details were not settled until shortly prior to closing of the Settlement and the Company wished to close on an expedited basis for business reasons.

About Grounded People Apparel Inc.

Grounded People Apparel Inc. is a publicly traded company listed on the Canadian Securities Exchange. The Company is undertaking a strategic review of its business and evaluating potential opportunities across emerging sectors, with a focus on prudent execution and shareholder value.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

“Maximilian Justus”

 

Maximilian Justus

Chief Executive Officer

 

For further information, please contact:

Email: investors@groundedpeople.com

Telephone: 1-844-673-6753

  

CAUTIONARY DISCLAIMER STATEMENT

 

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation, including in relation to the Company’s ability to complete the Private Placement and to identify and / or pursue strategic opportunities in emerging (or any) sectors. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.