Tenet announces further streamlining and cost reductions; CFO Leaving Company – Tenet Fintech Gr (OTC:PKKFF)
Toronto, Ontario – (Newsfile Corp. – May 19, 2023) – Tenet Fintech Group Inc. PKK PKKFF (“Tenet” or the “Company”), an innovative provider of fintech technology services and operator of the Cubeler™ Business Hub, today announces that the Company’s focus continues to be the development of the Business Hub, completing a full review of the technology development and viability of the Canadian business, in addition to streamlining operations, top management and costs to better reflect the investment the Canadian business represents.
Penhale, Interim CEO and Chairman of Tenet, stated that “Since April 28, 2023, the company has reduced monthly expenses initially by approximately 25% with a goal of reaching over a 40% to 50% reduction in the short term. As of today, the company has further reduced expenses by approximately 10%.”
As part of the company’s management transition, Jean Landreville has left the company as CFO, with immediate effect. A search for a new CFO is underway.
Penhale concluded: “As we continue to refine the management team, we expect to be well prepared to fine-tune Tenet’s strategy and direction going forward. During this recalibration, the board remains committed to establishing greater transparency and operational prudence to better position the company for success.”
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative companies in financial technology (Fintech) and artificial intelligence (AI). All references to Tenet in this press release, unless explicitly stated, include Tenet and all of its subsidiaries. Tenet’s subsidiaries provide various analytics and AI-based services to companies and financial institutions through the Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among members. Please visit our website at: http://www.tenetfintech.com
For more information, please contact:
Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations
416-428-9954
[email protected]
Follow Tenet Fintech Group Inc. on social media:
Twitter: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech
Forward-looking information
Certain statements included in this presentation constitute “forward-looking statements” under Canadian securities laws, including statements based on management’s judgment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not be realized and that current economic conditions make such assumptions, even if reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements can be identified by the use of terminology such as “believes”, “expects”, “assumes”, “assumes”, “outlooks”, “plans”, “targets” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that could cause actual results, performance or performance of the Company to differ materially from the outlook or any future results, performance or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this press release include, but are not limited to, holding companies with significant operations in China; general economic and business conditions, including factors affecting the Company’s operations in China such as pandemics (eg: COVID-19); legislative and/or regulatory developments; Global economic conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainty related to investigations, proceedings or other types of claims and legal proceedings; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional financing, dilution from additional financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulatory authorities in Canada, the United States or other jurisdictions. We refer potential investors to the section “Risk and uncertainty” in the company’s MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to rely on forward-looking information.
Forward-looking statements reflect information as of the date they are made. The Company undertakes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances or changes in belief, except as required by applicable securities laws. In the event that the Company updates a forward-looking statement, no inference should be drawn that the Company will make any further updates with respect to this statement, related matters or any other forward-looking statement.
All amounts are in Canadian dollars unless otherwise noted.
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