Carbeeza Announces Settlement Agreement

Rhea-AI Summary

Carbeeza (CRBAF) has reached a settlement agreement with Northern Micro Inc. and IDX Systems Corp. regarding unpaid professional services related to licensing, service, and sales agreements. The company will pay $1.7 million in monthly installments from June 2025 through September 2027, with the option to make advance payments without penalty. Carbeeza, a Canadian software company, operates an AI-powered automotive marketplace platform that predicts optimal financing scenarios for consumers while maintaining their anonymity. The platform aims to streamline the car-buying process through mobile devices, benefiting both consumers and auto dealers.

Positive

• None.

Negative

• Company required to pay $1.7 million settlement for unpaid professional services
• Settlement payments will strain cash flow through September 2027

CALGARY, AB / ACCESS Newswire / June 13, 2025 / Carbeeza Inc. ("Carbeeza" or the "Company") (TSXV:AUTO)(OTCQB:CRBAF) announces that, further to its news release of June 21, 2024, the Company has entered into a settlement and release agreement (the "Settlement") with Northern Micro Inc. and IDX Systems Corp. (the "Claimants"), in connection with a Statement of Claim filed by the Claimants for unpaid professional services. The claim relates to a licensing and service agreement, sublease, and sales agreement previously entered into between the Company and the Claimants.

In consideration for the mutual full and final release of claims, the Company agreed to pay the Claimants $1,700,000, inclusive of applicable taxes, payable in monthly installments commencing from the date of the Settlement and continuing through to September 2027. The Company may, at its discretion, make additional payments in advance without penalty. Upon full payment of the settlement amount, the parties shall file a discontinuance of claim in Alberta.

Carbeeza Inc.

Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.

ON BEHALF OF THE BOARD OF DIRECTORS OF CARBEEZA INC.

Mark Tommasi, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Mark Tommasi, Interim Chief Executive Officer
Email: Investorrelations@carbeeza.com
Telephone: 604 318 1448
Website: www.carbeeza.com

SOURCE: Carbeeza Inc.

View the original press release on ACCESS Newswire

FAQ

What is the settlement amount Carbeeza (CRBAF) agreed to pay?

Carbeeza agreed to pay $1.7 million, inclusive of applicable taxes, to Northern Micro Inc. and IDX Systems Corp.

What is the payment schedule for Carbeeza's settlement agreement?

The settlement will be paid in monthly installments from June 2025 through September 2027, with the option to make advance payments without penalty.

What was the reason for the legal claim against Carbeeza?

The claim was filed for unpaid professional services related to a licensing and service agreement, sublease, and sales agreement between Carbeeza and the Claimants.

What does Carbeeza's AI platform do?

Carbeeza's platform uses artificial intelligence to predict the best financing scenarios for consumers in the automotive marketplace while keeping them anonymous.