Spetz Enhances Cash Flow with Debt Conversion Plan

TORONTO, ON / ACCESSWIRE / April 8, 2024 / SPETZ INC. (the “Company” or “Spetz“) (CSE:SPTZ)(OTC:DBKSF) today is pleased to announce it is continuing to improve its cash flow through a debt conversion plan. This plan allows selected vendors and creditors to convert outstanding payments into common shares of Spetz.

The plan includes the following conversions:

  • Hybrid Financial Ltd – 260,554 shares, with a 4-month restricted period.
  • ClearHouse LLP – 212,143 shares, with a 4-month restricted period.
  • Yaron Kagan – 94,278 shares, with a 4-month restricted period.
  • Amit Zomer – 5,557 shares, with a 45-day restricted period.

The proceeds from this conversion plan will be used for general working capital purposes, further strengthening Spetz’s financial position.

“This debt conversion plan is a testament to the trust that our partners have in Spetz and our future growth plans,” said Yossi Nevo, CEO. “We are confident that this strategic move will enhance our financial flexibility and allow us to continue to execute on our vision for the company. We appreciate the continued support of our partners as we work to create long-term value for all our shareholders.”

About Spetz Inc.

Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere.

Spetz Website: www.spetz.app
Spetz Investor information: https://investor.spetz.app/

Company Contacts:

Ofir Friedman
Director and Chief Marketing Officer
Email: ofir@spetz.app
Investor Relations
Email: Investors@spetz.app
Phone: 647-956-6033


Cautionary Note Regarding Forward-looking Statements

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “plans” “expect”, “potential”, “believe”, “intend” or negatives of these terms and similar expressions. In this press release, forward-looking statements relate, among other things, to Spetz’s ability to complete a “debt conversion plan”.

Forward-looking statements are based on certain assumptions. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. In this press release, such assumptions include, but are not limited to, the ability of Spetz to complete a debt conversion plan.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation: risks associated with general economic conditions; the inability of Spetz to complete a debt conversion plan; the inability of Spetz to achieve growth; and increased competition in the mobile application and home-services market.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are made as to the date hereof and are expressly qualified by this cautionary statement. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.