Cybeats and Scryb Announce Debt Settlement Agreement

Executive Summary

• Cybeats Technologies Corp. will settle a $1,200,000 secured debenture owed to Scryb Inc. by issuing 10,000,000 common shares at a deemed price of $0.12 per share.
• The transaction is structured as a related‑party debt settlement and is expected to improve Cyedges’ financial position to support future growth.
• Shares issued will be subject to a four‑month‑plus‑one‑day hold period; no new control person will be created, and the deal falls within MI 61‑101 exemption thresholds.

Key Details

• Debt Settlement Amount: $1,200,000 secured debenture owed by Cybeats to Scryb.
• Share Issuance: 10,000,000 common shares of Cybeats at a deemed price of $0.12 per share.
• Hold Restriction: Shares subject to a four‑month and one‑day lock‑up period.
• Control Impact: No new control person will be created as a result of the settlement.
• Regulatory Treatment: Treated as a “related party transaction” under MI 61‑101; both companies rely on exemptions from valuation and minority shareholder approval because the transaction does not exceed 25% of either company’s market capitalization.
• Filing Requirement: Settlement is subject to acceptance for filing by the Canadian Securities Exchange.
• Use of Proceeds / Intent: Intended to improve Cybeats’ financial position and support planned future growth.

Notable Quotes

(No direct quotes were provided in the release.)