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CALGARY, Alberta, Nov. 15, 2022 (GLOBE NEWSWIRE) -- GINSMS Inc. (“ GINSMS ” or the “ Corporation ”) (TSXV: GOK) is pleased to announce that it has completed the shares for debt transaction (the“ Shares for Debt Transaction ”) previously announced on October 17, 2022, pursuant to the agreement between the Corporation and Joel Siang Hui Chin (“ Joel Chin ”) for the repayment, by way of share issuance, of loans (collectively, the“ Loans ”) representing an aggregate principal and interest total amount of CAD 3,732,450.73 granted to the Corporation by Joel Chin.
Following receipt of approval from the TSXV Venture Exchange (the“ Exchange ”), the Corporation has issued 37,324,507 common shares of the Corporation at a price of CAD 0.10 per common share (the “ Repayment Shares ”) on November 14 , 2022. The total number of shares issued and outstanding after the Shares for Debt Transaction is 187,118,368 common shares. Joel Chin now holds 37,324,507 common shares representing 19.95% of all of the issued and outstanding common shares of the Corporation. Joel Chin has retained loans having an aggregate principal amount of CAD 145,785.79 granted to the Corporation. Prior to the Shares for Debt Transaction, Joel Chin did not hold any common shares of the Corporation. Xinhua Mobile Limited (“ Xinhua Mobile ”), the controlling shareholder of GINSMS, continues to hold more than 50% of all of the issued and outstanding shares of the Corporation. More specifically, Xinhua Mobile holds 52.29% of all of the issued and outstanding common shares of the Corporation.
The Repayment Shares are subject under both Exchange rules and applicable securities law to a hold period of 4 months.
GINSMS is a mobile technology and services company focusing on 2 areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia. Its head office is located at 700-9th Avenue S.W., Suite 300, Calgary, Alberta T2P 3V4.
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