Cybeats and Scryb Announce Closing of Shares for Debt Transaction

Core Viewpoint - Cybeats Technologies Corp. and Scryb Inc. have successfully completed a debt settlement transaction, enhancing Cybeats' financial position and supporting its operational and growth initiatives [4]. Debt Settlement Details - Cybeats settled $1,200,000 owed under a secured debenture held by Scryb by issuing 10,000,000 common shares at a deemed price of $0.12 per share [2]. - The common shares issued are subject to a statutory hold period of four months and one day [2]. - The completion of the debt settlement did not create any new control person of Cybeats [2]. Related Party Transaction - As Scryb is a control person of Cybeats, the debt settlement is classified as a "related party transaction" under Multilateral Instrument 61-101 [3]. - The companies relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the debt settlement did not exceed 25% of their respective market capitalizations [3]. Company Profiles - Cybeats Technologies Corp. specializes in cybersecurity, providing Software Bill of Material management and software supply chain intelligence technology [6]. - Scryb Inc. invests in and supports a portfolio of innovative ventures across the technology sector [7].