(TheNewswire)
Montréal, QC - TheNewswire - October 17, 2023 - ZeU Technologies, Inc. (CSE:ZEU) (OTC:ZEUCF) would like todisclose that Patricia Popert-Fortier, COO and director, and Neha EdahTally, Corporate Secretary and director, have resigned effective todayfrom all their positions with ZeU. Mr. Mark Billings,CFO and director, has notified management of his intention to resignafter the publication of the next interim financial statements due atthe end of November 2023. This will result in the effective separationof the brain trust that was previously shared with St-GeorgesEco-Mining Corp. (CSE: SX).
Additionally, St-Georges, currently aparent company of ZeU, has published today on SEDAR a Notice ofIntention to Distribute most of its securities of ZeU. St-Georges willsell on the CSE market or privately up to 8,888,000 common shares ofZeU. In effect, after the proposed sale, St-Georges will cease to bethe largest shareholder of ZeU. It will remain a creditor and hold alimited number of shares in ZeU.
Since the withdrawal of the proposed transaction with a Chinese entityin August 2018, management has been forced to operate with limitedcapabilities. ZeU has been limited in its capacity to see to itsfinancing needs due to the existence of a significant debt related toand inherited from the proposed founding transaction. Attempts tomitigate the situation and renegotiate the last important block ofdebts owed since the maturation of the 2018 debentures in 2020 havefailed since then.
On March 31, 2023, the largest group of creditors agreed to convertalmost $10,000,000 of debt against the issuance of 4,130,000 shares ofZeU and a promissory note of $175,000 with a payment schedule spreadover 2 years. The initial payment has been met but ZeU has failed tomeet its payment obligation on June 15, 2023, and on September 30,2023.
ON BEHALF OF THE BOARD OF DIRECTORS
“MarkBillings ”
Mark Billings, CFO
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release.
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