LAS VEGAS and VANCOUVER, December 5, 2024 – TheNewswire – TAAT® GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTC: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT®”) announces that it has closed the previously announced debt settlement agreements (the “Settlement Agreement”) to settle outstanding debts totaling $1,350,000 owed to certain arm’s length and non-arm’s length creditors (the “Creditors”) for management fees, consulting fees and loans made to the Company.

Pursuant to the Settlement Agreements, the Company has issued an aggregate of 11,250,000 common shares (“Shares”) at a deemed price of $0.12 per Share to the Creditors (the “Debt Settlement”).

The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of the Shares in order to preserve the Company's cash for working capital and to improve the Company’s financial situation.

Five Insiders of the Company participated in the Debt Settlement to settle an aggregate of $692,500 in debt and are related parties of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Related party involvement in the Debt Settlement constitutes a "related party transaction". The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Sections 5.5(g) and 5.7(1)(e) respectively, on the basis of the "financial hardship" exemption therein.

 

All securities issued pursuant to the Debt Settlement are subject to a statutory hold period of four months and one day, in accordance with Canadian Securities laws, which will expire on April 6, 2025.

 

The securities being referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

On behalf of the Board of Directors of the Company,

 

TAAT® GLOBAL ALTERNATIVES INC.

 

“Michael Saxon”

 

Michael Saxon, CEO and Director

 

For further information, please contact:

 

TAAT® Investor Relations

1-833-TAAT-USA (1-833-822-8872)

investor@taatglobal.com

 

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

 

About TAAT® Global Alternatives Inc.

 

TAAT® is a vertically integrated consumer product and distribution company, generating more than CAD $90 million in overall gross revenue annually. TAAT® is strategically expanding its product categories including tobacco and reduced-risk alternatives, hemp, kratom, and other emerging CPG segments. TAAT® has facilities to include a processing plant in Nevada as well as a distribution centre in Canton, Ohio, leveraging existing retail shelf space and pipelines into national wholesale channels.

 

For more information, please visit http://taatglobal.com.

 

Forward-Looking Statements

 

Certain information contained herein may constitute "forward-looking information" or "forward-looking statements" under Canadian securities legislation. Generally, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited statements relating to the impact of the Debt Settlement on the Company and the results thereof, including that it will allow the Company to address its significant working capital deficiency so that it can go forward as a viable going concern, thereby significantly improving the Company’s financial situation, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.

 

The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.

 

This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.

 

Statement Regarding Third-Party Investor Relations Firms

 

Disclosures relating to investor relations firms retained by TAAT® Global Alternatives Inc. can be found under the Company's profile on http://sedarplus.ca.