Cybeats and Scryb Announce Debt Settlement Agreement

Executive Summary

• Cybeats Technologies Corp. and Scryb Inc. entered into a debt settlement agreement to extinguish a $1,200,000 secured debenture by issuing 10,000,000 common shares of Cybeats at a deemed price of $0.12 per share.
• The transaction is structured as a related‑party transaction under MI 61‑101 and will be filed with the Canadian Securities Exchange; the issued shares are subject to a four‑month‑plus hold period.
• Completion of the settlement is intended to improve Cybeats’ balance sheet and support its planned future growth, without creating a new control person for Cybeats.

Key Details

• Debt Settlement Amount: $1,200,000 secured debenture owed by Cybeats to Scryb.
• Equity Consideration: 10,0 00,000 Cybeats common shares issued at a deemed price of $0.12 per share (total nominal value $1,200,000).
• Hold Period: Shares issued will be subject to a four‑month and one‑day lock‑up.
• Regulatory Filing: Settlement pending acceptance for filing by the Canadian Securities Exchange.
• Related Party Status: Scryb is a control person of Cybeats; transaction qualifies as a “related party transaction” under MI 61‑101.
• Exemptions Relied Upon: Exemption from valuation and minority shareholder approval requirements because the fair market value and settlement amount each represent less than 25% of the respective companies’ market capitalizations.
• No New Control Person: The issuance will not result in a new control person for Cybeats.
• Use of Proceeds / Financial Impact: Intended to improve Cybeats’ financial position and support future growth initiatives (specific use of proceeds not detailed).
• U.S. Securities Restrictions: Shares are not registered under U.S. securities laws and may not be offered or sold in the United States absent applicable exemptions.

Notable Quotes

(No direct quotes were provided in the release.)