BnSellit Technology Inc. Provides an Update to Operations and Announces the Second Closing of Private Placement

Calgary, Alberta--(Newsfile Corp. - July 4, 2022) - BnSellit Technology Inc. (CSE: BNSL) ("BnSellit" or the "Corporation") is pleased to announce that is has completed and released the Full Enterprise HOTEL platform which was under beta testing throughout the 1st and 2nd quarter of 2022. The Enterprise Hotel Platform now includes automated housekeeping, maintenance and service requests, hotel managed concierge services, essential information access, hotel amenity details, express room checkout, guest to staff communication and self-serve point of sale. These features are in addition to the original BnSellit Experiences, sale and rent of goods and services to guests.

BnSellit also announced their 6-Month no-risk trial offering to Hotels providing full access to the Full Enterprise Hotel Platform free of charge with an opt-out option at the end of the trial period. BnSellit has added 22 new hotels bringing the total Hotel count to 39 representing 4,622 rooms since the release of the Full Enterprise Hotel Platform in early June 2022 with the no-risk trial offer.

Hotels can now offer their Guests a full suite of guest service options in over 14 languages, using any mobile device, tablet or computer by simply scanning QR codes placed in rooms and through the hotel property. There are no apps to download or install.

"Domestic leisure travel is returning to pre-pandemic levels in 2022, which is great news for Hotel Operators. However, the pandemic has created serious staffing issues at many hotels servicing the domestic leisure traveller. Providing the best guest experience remains the single most important issue facing Hotel operators. Many of them are looking at technology to help in dealing with their staffing issues, technology that can replace many of the tasks conducted by hotel staff while maintaining the highest level of services. We are extremely excited to see a high level interest from Hotels of all sizes and expect hotel sign-ups and room counts to accelerate in the coming months." - Tony Comparelli

In addition to the transaction fees earned from Sale, Rental and Experience Bookings, BnSellit will charge monthly subscription fees to Hotels accessing the Full Enterprise Platform beginning at $99 per month per hotel.

Announcement of the Second Closing of Private Placement

The Corporation is also pleased to announce that it has completed the second tranche of $136,000 principal amount of unsecured convertible debentures (the "Convertible Debentures") to date, for a cumulative total of $236,000 to at a price of $1,000 per principal amount of the Convertible Debentures (the "Offering").

The Convertible Debentures bear an interest from the date of closing at 10% per annum, payable monthly in arrears on the 30th day of each calendar month, commencing on July 30, 2022. The Convertible Debentures mature 18 months from the date of issuance (the "Maturity Date"). The Convertible Debentures are convertible at the option of the holders into Class A Common shares of the Corporation (the "Shares") at a conversion price of $0.25 per Share (the "Conversion Price") at any time prior to the close of business on the Maturity Date.

If the volume weighted average price of the Shares on the Canadian Securities Exchange (the "CSE") for 10 consecutive trading days equals or exceed $0.60, the Corporation may force conversion of all of the principal amount of the Convertible Debentures at the Conversion Price, upon giving holders of the Convertible Debentures 15-day advance written notice, in accordance with the conversion terms.

Securities issued in the aggregate principal amount of $46,000 and $90,000 pursuant to the Offering are subject to the applicable statutory hold period ending October 31, 2022 and November 5, 2022, respectively. The Offering is subject to the approval of the CSE.

For further information, please contact:

Antonio Comparelli, Chief Executive Officer
Email: tc@bnsellit.com
Tel: 416-720-8677

Corey Heerensperger, Chief Financial Officer
Email: corey@bnsellit.com
Tel: 403-630-2779

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) 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/129955

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