VANCOUVER, Sept. 22, 2020 /CNW/ -- ZoomAway Travel Inc.
(TSXV: ZMA) (US: ZMWYF) (the "Company" or "ZMA")
www.zoomaway.com, wishes to update its shareholders and investors
with regard to certain matters.
First, the Company wishes to announce an amendment to the note
purchase agreement (the "NPA") governing the secured
convertible promissory notes that were issued to AIP Asset
Management Inc. ("AIP") as announced on May 7, 2019. Under the NPA, the Company had
an affirmative covenant to raise a minimum of CAD$1 million additional equity financing through
the sale of its common stock in the full five fiscal quarters
beginning after the closing, with a minimum of CAD$200,000 being raised in each such
quarter. During 2019, the Company raised a total of
CAD$480,000 additional equity
financing. The NPA has been amended to permit the Company to
raise the balance of at least $520,000 by the end of 2020. The Company
confirms that as of the end of its most recently completed fiscal
quarter (June 30, 2020), that it was
in compliance with all affirmative covenants in the NPA, as
amended.
The Company also announces that it will not be proceeding with
the $5 million dollar acquisition
line of credit from AIP Asset Management as initially disclosed in
its press release of March 31,
2020.
The Company also wishes to clarify that the resolution presented
to the Company's shareholders at the annual and special meeting of
shareholders held on June 28, 2019 to
provide for a blanket authorization in respect of the potential
creation of a "Control Person" (as such term is defined in the
policies of the TSX Venture Exchange) through the future issuances
of shares to AIP or its affiliates was not a valid
resolution. The policies of the TSX Venture Exchange (the
"TSXV") require that any such resolution be presented to
shareholders with detailed information in the context of a specific
transaction. The June 28, 2019
resolution was insufficient in this regard. As such, the
Company will not act upon the resolution.
The Company also announces the cancellation of 2,000,000 of the
2,400,000 stock options that were granted effective April 7, 2020 (as announced on April 10, 2020). These options have been
cancelled as the holder thereof is no longer an eligible
participant under the Company's stock option plan.
Following discussions with the TSXV, the Company expects that
trading of its shares will be reinstated shortly.
For additional information contact: Sean
Schaeffer, President, ZoomAway Inc., at 775-691-8860 |
sean@zoomaway.com or stay up-to-date and sign up for our
newsletter.
About Us
ZoomAway, Inc. (Nevada Co.) Zoomaway Travel Inc. is
a technology company that is revolutionizing the Hospitality and
Travel Industries. We have developed a variety of software
solutions that enhance the planning and engagement of everyday
tourists. Our flagship project, ZoomedOUT, is a complete
modernization and re-imagination of mobile travel apps. In a
full 3D environment, we are able to integrate planning, booking,
social media, and camaraderie into a tangibly rewarding
experience. We are combining Travel, Hospitality, Mobile
Gaming and Augmented Reality to change the way users travel into
2020 and beyond. Additional information about ZoomAway Inc.
can be found at www.zoomaway.com.
ZMA Travel Game Inc. (Canadian Co.) (formerly
TravelGameBlockChain Technology Inc.) is a ZoomAway Travel Inc.
subsidiary company dedicated to housing new projects in the digital
games. The company's first project is ZoomedOUT, being developed
with the assistance of Zero8 Studios, Inc., which can be seen at
zoomedout.io. To receive more detailed, or investor level
information, please contact us at sean@zoomaway.com and we
will respond with the appropriate documentation depending on your
request.
Forward-Looking Statements
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include regulatory actions, market
prices, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates, and
opinions of the Company's management on the date the statements are
made. Except as required by applicable securities laws, the Company
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Zoomaway Travel Inc.
