INEO Announces Settlement with COENDA
- New licensing agreement with BON Intelligence creates additional revenue streams through licensing fees, royalties, and monthly fees
- Resolution of shareholder dispute with COENDA through settlement agreement
- Board strengthening with addition of new director David Eaton
- Forced management changes with required search for new CFO
- Potential dilution of existing shareholders through COENDA's participation rights in future equity financings
Surrey, British Columbia--(Newsfile Corp. - May 28, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO") is pleased to announce that the Company has entered into a settlement agreement (the "Agreement") with COENDA Investments Holdings Corp. ("COENDA") and its controlling shareholder, Kerem Akbas ("Akbas"). The Agreement settles the requisition of a special meeting of the shareholders of INEO by COENDA dated April 7, 2025 (the "Requisition") and the issues contemplated in the Requisition, as previously disclosed in the news release dated April 28, 2025.
Under the terms of the Agreement:
INEO will appoint David Eaton to its board of directors (the "Board"), the Audit Committee of the Board and Governance and Nominating Committee of the Board, effective immediately.
The new Board will initiate a search for a new CFO.
INEO has entered into a license agreement with BON Intelligence, a company affiliated with COENDA and Akbas, pursuant to which BON Intelligence will have a license to produce and sell the INEO Welcoming System for an initial licensing fee, a royalty for each unit installed, and monthly fees for each unit that is connected to the INEO network.
COENDA and Akbas have withdrawn the Requisition and accepted customary standstill provisions.
During the term of the standstill INEO has granted COENDA participation rights to maintain its interest in the event of any equity financing by INEO.
The obligations under the Agreement will be in place until the earlier of INEO's 2027 Annual Meeting and May 27, 2027.
With the execution of the Agreement, INEO has cancelled the shareholder meeting scheduled for August 8, 2025.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which will be available under INEO's profile on the SEDAR+ website at www.sedarplus.ca.
About David Eaton
Mr. Eaton brings over 25 years of extensive experience in public markets, with deep expertise in corporate finance, corporate governance, and strategic global business development. Throughout his career, he has played a pivotal role in the operations of various public companies across a diverse range of industries, including real estate, mining, tourism, retail, and manufacturing. He currently serves as the Chairman of Baron Global Financial Canada Ltd. and sits on the board of directors of Penbar Capital Ltd.
About COENDA Investments Holding Corp.
COENDA Investments Holding Corp. is a private British Columbia company committed to enhancing shareholder value through strategic investments and by fostering governance transparency and accountability.
About INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF)
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers. INEO's patented technology integrates and monetizes digital screens with theft detection sensor gates at the entrance of retail stores. The Company's cloud-based platform uses IoT (Internet of Things) and AI (Artificial Intelligence) technology to deliver customized digital advertising to each retail location based on the demographic mix of customer traffic at each location. The Company also deploys the INEO Welcoming Network technology through a SaaS-based solution to larger retail chains. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB-Venture Market under the symbol "INEOF".
For more information please visit:
Websites: www.ineosolutionsinc.com
LinkedIn: www.linkedin.com/company/ineosolutions
For further information, please contact:
Kyle Hall
CEO, INEO Tech Corp.
investor@ineosolutionsinc.com
(604) 244-1895
Forward-Looking Statements
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors - including the availability of funds, acceptance of the Company's products, competition, and general market conditions - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed on SEDAR+, including the annual and interim financial statements and MD&A. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253637
FAQ
What are the key terms of INEO's (INEOF) settlement agreement with COENDA?
How will the BON Intelligence licensing agreement affect INEO's (INEOF) revenue?
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