Spetz Retracts and Clarifies its News Release From May 14th

Rhea-AI Summary

Spetz Inc. (CSE:SPTZ)(OTC:DBKSF) has issued a retraction and clarification of its May 14th news release regarding a strategic partnership with Sonic Labs. The company clarifies that while there have been ongoing discussions and verbal commitments with Sonic Labs, no formal agreement has been signed. The previously announced collaboration was only a non-binding verbal agreement from early May 2025 focused on growing institutional awareness and infrastructure support for the Sonic ecosystem. Additionally, while Sonic Labs has expressed intention to participate in Spetz's current private placement financing, this transaction has not yet closed, and there is no guarantee of its completion.

Positive

• None.

Negative

• Previous announcement about Sonic Labs partnership was premature with no signed agreements
• Private placement financing with Sonic Labs has not closed and may not complete
• Retraction of news release could impact company credibility

TORONTO, ON / ACCESS Newswire / May 15, 2025 / Spetz Inc. (the "Company" or "Spetz") (CSE:SPTZ)(OTC:DBKSF) at the request of CIRO the Company wishes to retract the news release dated May 14 titled "Spetz Announces Strategic Partnership with Sonic Labs Ahead of Closing Their Current Financing Round".

Spetz and Sonic Labs have engaged in ongoing discussions regarding potential areas of collaboration and have verbal commitments, nothing has been signed and there can be no guarantee the partnership will proceed. These discussions culminated in a verbal agreement in early May 2025 to work together on a non-binding basis to grow institutional awareness, participation, and infrastructure support for the Sonic ecosystem. No commercial consideration has been exchanged.

Sonic Labs has confirmed its intention to participate in Spetz's current private placement financing. The transaction has not yet closed. The Company will provide a further update on the status of the private placement. There is no guarantee that the private placement will close.

About Spetz Inc.
Spetz Inc. is a multinational technology company operating at the intersection of AI-driven marketplaces and blockchain infrastructure. The Company owns and operates the Spetz application, an AI-powered platform connecting consumers with service providers, as well as SonicStrategy, a leading blockchain staking and infrastructure business.

About Sonic Labs
Sonic Labs is the core development team behind the Sonic blockchain, a high-performance, EVM-compatible Layer 1 built for DeFi and real-world applications. With sub-second finality, low fees, and a rapidly growing ecosystem of developers and applications, Sonic is quickly establishing itself as one of the most scalable and accessible blockchains in the market. The team includes pioneers in DeFi and blockchain infrastructure, including Andre Cronje, and is supported by a global developer and investor community.

Company Contacts
Mitchell Demeter, Spetz Inc CEO
Email: mitchell@sonicstrategy.io
Phone: +1-345-936-9555

Forward-Looking Statements

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

Certain information herein constitutes "forward-looking information" under Canadian securities laws, reflecting management's expectations regarding objectives, plans, strategies, future growth, results of operations, and business prospects of the Company. Words such as "plans," "expects," "intends," "anticipates," "believes," and similar expressions identify forward-looking statements, which are qualified by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are based on a number of estimates and assumptions that, while considered reasonable by management, are subject to business, economic, and competitive uncertainties and contingencies. The Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected outcomes. Factors influencing these outcomes include economic conditions, regulatory developments, competition, capital availability, and business execution risks.

The forward-looking information contained in this release represents Spetz's expectations as of the date of this release and is subject to change. Spetz does not undertake any obligation to update forward-looking statements, except as required by law.

This press release does not constitute an offer to sell or solicit an offer to buy securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful. None of the securities issued in connection with the acquisition will be registered under the United States Securities Act of 1933, and they may not be offered or sold in the United States absent registration or an applicable exemption.

We seek Safe Harbor.

SOURCE: Spetz Inc.

View the original press release on ACCESS Newswire

FAQ

Why did Spetz (DBKSF) retract its May 14th news release about Sonic Labs partnership?

Spetz retracted the release because the partnership with Sonic Labs is only at the verbal commitment stage with no signed agreements, and the announcement was premature.

What is the current status of Spetz's (DBKSF) partnership with Sonic Labs?

Spetz and Sonic Labs have only verbal commitments and a non-binding agreement to work together, with no formal signed partnership or commercial consideration exchanged.

Is Sonic Labs still participating in Spetz's (DBKSF) private placement financing?

While Sonic Labs has expressed intention to participate in the financing, the transaction has not closed and there is no guarantee it will complete.

What was CIRO's role in Spetz's (DBKSF) news release retraction?

The retraction was made at the request of CIRO (Canadian Investment Regulatory Organization).