Share this story:

Windfall Geotek Provides Business Update



Windfall Geotek Inc.

DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Brossard, Quebec - TheNewswire - August 22, 2024 – Windfall Geotek Inc. (TSXV: WIN, CSE: WIN, OTCQB: WINKF, FSE: L7C2) (the “Company” or “Windfall Geotek”) is pleased to provide a business update to stakeholders.

David Beck, Chairman & CEO, stated,

“Our capital markets highlight for the first half of 2024 include:

  • TSXV trading halt.  On February 15, 2024, trading of the Company’s common shares was halted on the TSX Venture Exchange (“TSXV”) due initially to the resignation of three directors, and subsequently extended due to a request by the TSXV to review the Company and determine whether it needed to undertake a “change of business” from being an Exploration Mining issuer to an Information Technology issuer.  

 

  • CSE listing.   The company sought to list its common shares with the Canadian Securities Exchange (“CSE”) and on August 15, 2024, we were successful in doing so 

 

Our operational highlights from the first half of 2024 include:

 

  • Cost-cutting achieved. At the beginning of 2024, my initial focus was to cut costs, particularly on consultants and service providers.  The result has been a reduction of expenses of more than 50% on a month-to-month basis.   

 

  • World-class resources. With the addition of Dorian L. (Dusty) Nicol and Joe Lafleur to our Board of Directors and the creation of an Advisory Board led by Andre Gauthier, we have greatly enhanced the company’s capabilities on both geology and AI. 

 

  • Strong business pipeline. In any turnaround situation it is revenue that saves the day.  As such, our near-term priority is to execute on a pipeline of potential projects with the objective of achieving cash flow break-even results.   

 

  • Strategic activity required. Going forward,we recognize that scale matters.  We need to layer on additional revenue through channel expansion, partnership, and/or MA. 

 

Michel Fontaine, Founder & Head of Sales, commented, “we have been applying AI in the Exploration Mining sector for 18 years, and have contributed to close to 40 discoveries.  Since the start of 2024, the company’s new leadership has enabled me to expand the business opportunity pipeline.  Specifically, 2024 customer activity includes:

 

  • Two customer projects delivered and paid. 

    • Wesdome Gold Mines Ltd.; and  

    • Benton Resources Inc. 

 

  • 9 active work proposals (two international). 

 

About Windfall Geotek

 

Windfall Geotek Inc. is an exploration mining company which utilizes its proprietary AI (artificial intelligence) technology platform to establish a competitive advantage in the identification, selection, and development of prospective exploration mining opportunities. Since the time of incorporation, the principal business carried on by the Company has been the acquisition, exploration, and development of mineral properties.  To assist with the assessment of, and funding in properties, the Company has utilized its platform for the acquisition mineral exploration claims, and the investment in 17 exploration mining companies. Management believes that this platform also enables the Company to diversify risk and obtain an alternate source of funding through the sale of its AI solutions services through which the Company has been generating revenue.

For further information, please visit:

https://www.windfallgeotek.com

 

or contact:

 

David Beck

CEO & Chairman

david@windfallgeotek.com

 

Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

 

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).