November 7, 2017 – Calgary, Alberta – NovaTeqni Corporation (“NovaTeqni” or the "Company") (TSXV - NTQ: OTCQB - NVTQF) is pleased to announce that NovaTeqnihas reached an agreement with Mr.Gerhard Mynhardt, the Company’s CEO and largest shareholder, in respect of a $380,302 loan advanced to the Company.
Mr. Myhardthas agreed to accept 2,535,347 common shares in the capital of NovaTeqniat a deemed value of $0.15 per share in lieu of the repayment of the above-noted loan. Mr. Mynhardt is currently the beneficial owner of 41.6 percent of NovaTeqni’s outstanding common shares. Assuming the closing of the shares for debt settlement, Mr. Mynhardt would be the beneficial owner of 45.9percent of NovaTeqni’s outstanding common shares.
The closing of the debt settlement is subject to the approval of the TSX Venture Exchange and all common shares issued to Mr. Mynhardt will be subject to a hold period of four months.
NovaTeqni is a technology based company that is focusing on biometrics and financial technologies. Using its management experience and developed intellectual property, NovaTeqni provides solutions and products for voter validation, voter registration, financial transactions and biometric solutions. Using its platform of products, NovaTeqni can provide clients with custom solutions for their particular industry. NovaTeqni has corporate offices in Calgary, Alberta, sales offices in Virginia Beach, Virginia, development offices in Johannesburg, South Africa and manufacturing in Hong Kong.