Calgary, Alberta / May 5, 2025 – Credissential Inc. (“Credissential” or the “Company”) (CSE: WHIP) (OTC: IPTNF) (FSE: 9YZ), an integrated financial technology company, is pleased to announce that further to its press release dated February 21, 2025, it has entered into a definitive agreement dated May 5, 2025 (the “Agreement”) with 1000927675 Ontario Inc., doing business as CoinCmply (“CoinCmply”), and all of its shareholders (collectively, the “Vendors”).
CoinCmply is a platform designed to assist cryptocurrency users in managing and simplifying their tax obligations. It offers tools and services that help users track their crypto transactions, calculate gains and losses, and generate necessary tax reports. By integrating with various exchanges and wallets, CoinCmply aims to provide a comprehensive solution for individuals navigating the complexities of cryptocurrency taxation. The platform offers features such as smart tax analysis, real-time portfolio tracking, personalized tax strategies, and multi-chain support, all aimed at ensuring compliance and maximizing deductions in the evolving crypto landscape.
Pursuant to the terms of the Agreement, the Company will issue an aggregate of 20,000,000 common shares in the Company (the “Consideration Shares”) at a deemed price of $0.05 per Consideration Share (for an aggregate transaction value of CAD $1,000,000) to the Vendors, pro rata, to their respective shareholdings in CoinCmply (the “Transaction”). Completion of the Transaction is subject to customary closing conditions, including any required regulatory approvals. Upon closing, CoinCmply will become a wholly owned subsidiary of Credissential. The Transaction is arm’s length and no finder’s fees are payable. The Agreement contains a debt forgiveness clause whereby CoinCmply will ensure that all accounts payable and accrued liabilities of CoinCmply will be forgiven, repaid or otherwise extinguished in connection with the closing of the Transaction (the “Debt Extingishment”). The Company will not be assuming any long-term debt. The Transaction is not subject to approval of the Shareholders of the Company.
This acquisition is expected to enhance Credissential's capabilities in providing AI-driven financial solutions, particularly in digital financial transfers and financial optimization. By integrating CoinCmply's technology, Credissential aims to offer a more platform that addresses the diverse financial needs of its users.
“This acquisition represents a strategic move for Credissential as we enhance our digital transfer capabilities and position ourselves to have a more diversified product stack,” said Colin Frost, CEO of Credissential. “We look forward to welcoming the CoinCmply team and working together to deliver scalable finance offerings across Canada and beyond.”
A summary of the unaudited financial information of CoinCmply for the year ended December 31, 2024 is included in the table below:
The Company also announces it has entered into an agreement with OCI Inc. (“OCI”). OCI has been retained to advise on strategic business development and marketing opportunities in key international markets including China, India, and the United Arab Emirates. The term of the engagement is for a period of twelve (12) months. OCI and its principals are arm’s length to the Company. The Company will pay to OCI monthly work fee of $25,000 plus HST, payable quarterly in cash or shares, and may be eligible for success-based fees tied to future transactions originated by OCI. As of the date hereof, to the Company’s knowledge, OCI (including its directors and officers) do not own any securities of the Company. OCI can be reached at: 360 Bay Street, Suite 602, Toronto, Ontario, M5H 2V6, Email: Rahim.Allani@OCIGroups.com.
About Credissential
Credissential is an AI powered financial services software developer, currently focused on the development and commercialization of its flagship products, Credissential, Dealerflow and Antenna.
For more information about Credissential and other products from Credissential, visit www.credissential.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer Colin Frost
Head Office 2004 Sherwood Drive, Sherwood Park, AB T8A 0Z1
Telephone (604) 917-0375
Email info@credissential.com
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Information
Certain information in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release. Forward-looking statements are based on specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties. Forward-looking statements are inherently risky, and the information and plans disclosed therein may not come to fruition as contemplated or at all. Forward-looking statements in this news release include, but are not limited to, statements relating to: the Transaction, the Debt Extinguishment, the benefit of the Transaction to the Company and the future plans of the Company, business plans, objectives and strategy.
Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca