Hapbee Strengthens Leadership Team with Key Appointments; Provides Update on Shares-for-Debt Settlement

Rhea-AI Summary

Hapbee Technologies (OTCQB: HAPBF), a digital wellness company specializing in wearable technology, has announced significant leadership changes to drive its next growth phase. The company has appointed Krishna Subramanian as CFO, replacing Mitch Kujavsky, while Board Chairman Riz Shah will serve as Interim CEO, succeeding Yona Shtern.

The company has also strengthened its product team with two key appointments: Pat Murray as Head of Devices Product Engineering and TJ Varghese as Head of Devices Product Management. Additionally, Hapbee is proceeding with a shares-for-debt settlement of $112,500 by issuing 1,250,000 shares at $0.09 per share to preserve cash for future operations.

Positive

• Appointment of experienced CFO Krishna Subramanian with 30+ years of financial leadership
• Strategic strengthening of product team with experienced leaders from Google and other major tech companies
• Implementation of shares-for-debt settlement to preserve cash for operations

Negative

• Departure of both CEO and CFO indicates significant management turnover
• Need for debt settlement through share issuance suggests cash flow challenges
• Interim CEO arrangement creates temporary leadership uncertainty

New leadership roles designed to fast-track Hapbee’s product strategy and accelerate product deployments

VANCOUVER, British Columbia, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Hapbee Technologies Inc. (“Hapbee” or the “Company”) (TSXV: HAPB | OTCQB: HAPBF | FWB: HA1) Hapbee Technologies, Inc. (“Hapbee” or the “Company”), the digital wellness company and creator of groundbreaking wearable technology designed to help people feel better, today announced important leadership changes designed to position the Company for its next stage of growth.

The Company has appointed Krishna Subramanian as Chief Financial Officer. Krishna brings extensive financial leadership experience and a proven track record guiding public companies through growth and transformation. Krishna is a CPA and ACA with over 30 years of experience in strategic and operational finance, global fund raising, financial controls and governance across FMCG, tech and real estate sectors. Krishna will be transitioning into the role in place of the current CFO Mitch Kujavsky who will be stepping down.

In addition, Hapbee’s Chairman of the Board, Riz Shah, will assume the role of Interim Chief Executive Officer, providing continuity and strategic oversight as the Company accelerates its product and market expansion initiatives. Yona Shtern will be stepping down from the role of CEO and as a director of the Company.

The Company also advises that Mr. Shtern will not stand for re-election as a director at Hapbee’s upcoming Annual General & Special Meeting (the “AGM”) scheduled for September 26, 2025.

To further strengthen its innovation engine and product execution capability, Hapbee has also appointed two new senior leaders:

• Pat Murray, Head of Devices Product Engineering - Before co-founding Hapbee Technologies, Pat led the Sales and Marketing team at Spectacle, an experiential marketing & fabrication company serving clients such as Pepsi-co, Nike, Netflix and Google amongst others. Pat's experience of assembling highly experienced teams of product specialists will expedite Hapbee’s product development and go to market strategies.
• TJ Varghese, Head of Devices Product Management - TJ brings a wealth of experience in hardware innovation and development. For over a decade TJ created and managed hardware portfolios for Google enterprise and wearables divisions. TJ’s experience will help spearhead Hapbee through next generations of product development.

“These appointments represent a pivotal step as Hapbee sharpens its focus on innovation, financial discipline, and customer experience,” said Rizwan Shah, Interim CEO & Chairman. “With Krishna’s financial expertise and the addition of strong product leaders, Hapbee is well-positioned to fast-track our product strategy and deliver exciting new product deployments for our customers.”

“I’m excited to join Hapbee at such a transformative moment,” said Krishna Subramanian, CFO. “This is a unique opportunity to pair financial discipline with innovation, ensuring that Hapbee not only delivers breakthrough products but also builds a strong foundation for sustainable growth.”

The Board and the entire Hapbee team thank Mr. Shtern and Mr. Kujavsky for their contributions and wish them well in their future endeavors.

Shares-for-Debt Settlement

The Company also provides an update on its shares-for-debt settlement in respect of an aggregate debt of $235,954.48, as previously announced on June 5, 2025 (the “Aggregate Debt”). At this time, the Company is proceeding with settling a portion of the Aggregate Debt in the amount of $112,500 (the “Debt”) pursuant to a shares-for-debt settlement with one of the Company’s consultants by issuing a total of 1,250,000 shares of the Company at a deemed price of $0.09 per share (the “Shares-for-Debt Settlement”). The balance of the Aggregate Debt will remain outstanding.

The Debt represents unpaid fees for services that have been previously provided to the Company to market approved products. The Company intends to complete the Shares-for-Debt Settlement to preserve cash to finance future operations. Completion of the Shares-for-Debt Settlement is subject to receipt of all necessary TSX Venture Exchange (the “Exchange”) approvals.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

All securities issued pursuant to the Shares-for-Debt Settlement will also be subject to resale restrictions in Canada for a period of 4 months and a day from their date of issuance.

Forward‑Looking Information

This news release contains “forward‑looking information” within the meaning of applicable securities laws, including statements regarding Hapbee’s anticipated expansion in Asia, the expected benefits of the strategic partnership with Smile Group, the completion of the Shares-for-Debt Settlement and growth opportunities in wellness markets. Forward‑looking information is subject to risks and uncertainties that may cause actual results to differ materially. Hapbee undertakes no obligation to update forward‑looking information except as required by law.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory and Exchange approvals, closing of the offering; anticipated product development, consumer confidence and general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
On behalf of the Board of Directors:
Kenny Adessky – Corporate Secretary
1 888 841 7086
invest@hapbee.com

Investor Relations
Renmark Financial Communications Inc.
Bettina Filippone: bfilippone@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

FAQ

Who is the new CFO of Hapbee Technologies (HAPBF)?

Krishna Subramanian has been appointed as the new CFO, bringing over 30 years of experience in strategic and operational finance, global fund raising, and financial controls across FMCG, tech and real estate sectors.

What management changes did Hapbee Technologies announce in September 2025?

Hapbee announced multiple leadership changes including Krishna Subramanian as CFO, Riz Shah as Interim CEO, Pat Murray as Head of Devices Product Engineering, and TJ Varghese as Head of Devices Product Management.

What is the details of Hapbee's shares-for-debt settlement in 2025?

Hapbee is settling $112,500 of debt by issuing 1,250,000 shares at a deemed price of $0.09 per share to one of its consultants, subject to TSX Venture Exchange approval.

Who is replacing Yona Shtern as CEO of Hapbee Technologies?

Riz Shah, the Chairman of the Board, will assume the role of Interim Chief Executive Officer following Yona Shtern's departure.

What experience does TJ Varghese bring to Hapbee Technologies?

TJ Varghese brings over a decade of experience in hardware innovation and development, having created and managed hardware portfolios for Google's enterprise and wearables divisions.