Vancouver, B.C. – TheNewswire - April 24th, 2025 – Mobio Technologies Inc. (TSXV: MBO) (“Mobio” or the “Company”) is pleased to announce the completion of its reverse takeover (RTO) (the “Transaction”) of Tracksuit Movers Inc. ("TMI") following final approval from the TSX Venture Exchange.

The Transaction, completed in accordance with the Share Exchange Agreement dated February 14, 2025. Pursuant to the Transaction, Mobio acquired 100% of the issued and outstanding shares of TMI by way of five-to-one share exchange: ten million (10,000,000) of the issued and outstanding shares of TMI were exchanged for fifty million (50,000,000) of newly issued shares of Mobio at a deemed issue price of $0.20 per on Mobio Share. Acquisition of Tracksuit Movers Inc., a full-service moving company franchisor, establishes the Company’s presence in the home improvement industry.

As part of the Transaction, Mobio is also pleased to announce the closing of a Non-Arm’s Length Non-Brokered Private Placement, raising gross proceeds of $1,800,000 through the issuance of 9,000,000 common shares at a price of $0.20 per share. The funds, raised from related parties as outlined in the management information circular, will support the continued expansion of Tracksuit Movers Inc. and further strengthen the Company’s corporate strategy post-Transaction.

In connection with the Transaction, disinterested shareholders approved the conversion of outstanding non-arm’s length loans payable, totaling $1,454,497, into 7,272,486 common shares of Mobio, priced at $0.20 per share. This conversion improves the Company’s financial position, offering increased flexibility for future operations.

Upon the completion of the Transaction, Mobio’s issued and outstanding capital consists of 108,855,746 common shares, and 75,000 options. Out of this total, 88,907,253 of common shares are subject to escrow restriction agreements as follows: Value Securities Escrow Agreement prescribed by Form 5D of the TSX Venture Exchange including escrow securities release prescribed by Schedule B(2) for Tier 2 issuers.

In addition to the above, 88,907,253 of common shares will be subject to a two year voluntary pooling agreement dated February 24, 2025, pooling agreement prescribes shares to be restricted from trading for two years until February 24, 2027.

As part of the RTO, shareholders also re-approved the Company’s Stock Option Plan, dated for reference April 5, 2024. The Stock Option Plan is a 10% rolling plan, designed to incentivize key employees, directors, and consultants, thereby fostering long-term growth and success.

Additionally, shareholders voted to fix the number of directors at five. Laurie Baggio, Brian O’Neill, Melanie Pump, Lance Tracey, and Josh Herron were elected to the Board of Directors. Dale Matheson Carr-Hilton LaBonte LLP, Chartered Professional Accountants, was re-appointed as the Company’s auditors for the upcoming year.

The Company anticipates that it will resume trading on the TSX Venture Exchange on or about April 28, 2025.

Excluded Shareholders and MI 61-101 Disclosure

In accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the Transaction is considered a “related party transaction” and was therefore subject to “minority approval”. Under MI 61-101, minority approval requires that the votes of related parties be excluded from the determination of approval. As a result, the votes attached to 22,634,767 Mobio shares held by related parties were excluded from the approval process for this Transaction.

The Circular is available under the Company’s profile at www.sedarplus.ca.

 

About Mobio Technologies Inc.

Mobio Technologies Inc. is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, British Columbia. The Company operates Strutta.com Media Inc., a leading social promotions platform that helps marketers convert potential customers from strangers to loyal fans and, ultimately, to buyers. Strutta’s Promotions API powers social media competitions and campaigns for global brands. For more information, visit www.mobio.net.

 

For additional information, please contact:

 

Laurie Baggio, CEO

Tel: 604-805-7498

Email: 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: www.sedarplus.ca.

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.