Hunter Technology Announces Disposition of Subsidiary
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2022) - Hunter Technology Corp. (TSXV: HOC) (OTCQB: HOILF) (FSE: A3DWN8) (FSE: RWPA) (ISIN: CA4457373070) ("Hunter" or the "Company") is pleased to announce the final sale of its wholly owned Hong Kong subsidiary FinFabrik Limited. ("Finfabrik").
The sale of Finfabrik represents the conclusion of the previously announced closure of the Hong Kong office of the Company. The subsidiary was sold for nominal cash consideration which allowed the Company to avoid a additional professional fees associated with a formal wind-up of the non-operating subsidiary. In addition, management estimates the sale improves the working capital position of the Company by at least $125,000 USD.
The Company continues its focus on managing development and overhead costs, improving the capitalization of the Company, and exploring future business development opportunities. This includes further developing or monetizing its Marketplace IP assets related to OilEx.com and OilExchange.Com.
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem.
For inquiries, please contact:
Dr. Konstantino Ghertsos
Chief Executive Officer
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") as such terms are defined by applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Hunter's control and Hunter's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors. These include, but are not limited to, statements and information regarding: (i) the completion and potential benefits of the Consolidation; (ii) the expected number of common shares issued and outstanding following the Consolidation; (iv) the timing and anticipated effective date of the Consolidation; and (v) TSXV approval. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of today's date and Hunter undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147815