Skychain Technologies Inc. Provides Update on Financial Position, Asset Status, and Ongoing Transition Issues

Executive Summary

• Skychain Technologies Inc. reports a severely constrained financial position with only CAD 7.27 in its BMO bank account and known outstanding liabilities of approximately CAD 230,000.
• The company has been unable to obtain corporate records, electronic data, or access to most banking accounts for the period 2022‑2026, leaving the new board “in the dark” about past operations and assets.
• No material assets have been located, including equipment from the Birtle, Manitoba project that was originally valued in the millions of dollars; a potential TSX Venture delisting process remains pending.

Key Details

• Outstanding Liabilities: Approximately CAD 230,000 identified (legal fees, office rent, professional services, exchange fees, storage costs); additional liabilities may exist due to incomplete records.
• Cash Position: BMO account balance of roughly CAD 7.27; access to other accounts (e.g., TD Bank) not yet obtained.
• Asset Status: No material assets located; equipment from the Birtle project, previously valued at millions, remains missing.
• Records Gap: Only limited paper documents from 2018‑2021 recovered; no electronic systems or records for 2022‑2026.
• Board Actions: Current board continues to seek information from investors, former employees, and other parties; assessing potential recovery actions that may be costly given the company’s financial constraints.
• Regulatory Risk: Company is subject to a possible delisting by the TSX Venture Exchange but cannot provide a substantive response due to lack of data.

Notable Quotes

“Due to the absence of records, the Company is not currently able to determine how corporate funds were used or how assets were transferred, disposed of, or otherwise dealt with during the period from 2022 to 2026.” – Board Statement

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This release excludes boilerplate company descriptions and forward‑looking disclaimer language.