Proposed USD 2.7
million conversion will significantly
improve balance sheet
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/
VANCOUVER, BC, March 4, 2021
/CNW/ - H-Source Holdings Ltd. ("H-Source" or the
"Company") (TSXV: HSI) (OTCQB: HSCHF), an innovative leader
in the AI & SAAS based technology platform, and seeking to
revolutionize the Global Healthcare procurement, logistics &
distribution supply chain, today announced plans to convert all of
the Company's approximately USD $2.4
million outstanding principal amount of 12.0% unsecured
convertible debentures issued in the months of June &
July 2019 (the
" 2019 Debentures ") as well as
the conversion of approximately USD $0.3
million in outstanding interest.
John Kupice (CEO of H-Source)
stated: "All of the debenture holders have agreed to allow for the
conversion under the terms and conditions of the debentures, and
this shows a message consistent with supporting the Company as
shareholders rather than creditors. We are very pleased with the
support of our partners and welcome the ownership stake".
John Kupice further comments:
"These conversions will significantly improve our balance sheet and
support enhanced access to non-dilutive financing. As the
management continues to execute on its growth plans and build
shareholder value, we believe it is important to show the strength
in its financial position. We look forward to continuing to
aggressively pursue our growth strategy in both the
United States and globally".
About H-Source Holdings
Ltd.
H-Source Holdings Ltd. is a proprietary, patented
technology company operating within the healthcare industry through
its wholly-owned subsidiary, H-Source, Inc. The Company has
developed an advanced technology solutions stack that provides
participating members a private, secure, Software As A Service
("SAAS") platform to engage in the buy, sell, track, and transfer
of medical supplies, pharmaceuticals, capital equipment, and
medical devices. Integrating advanced Artificial Intelligence
("AI") and Business Intelligence ("BI") enhance the data analytics
for supply chain optimization. The platform is FDA and DSCSA
compliant for pharmaceuticals and GS-1 UDI/GTIN for devices
including serialization, ownership, and custody in extended
modules. Blockchain is offered as an add-on, at an additional cost,
for robust security and traceability. Additionally, the H-Source
platform provides all the accounting and data allowing buyers and
sellers to capture product transactions and custody
movements. This platform is designed to increase and
maximize supply chain efficiency while reducing costs by moving
products directly from manufacturers, providers, and distributors
to businesses or consumers. For more information,
please visit http://h-source.com/.
On behalf of the board of directors of H-Source Holdings
Ltd.
John Kupice
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT: The TSXV has not
reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.
This news release contains forward-looking statements
relating to the completion of the listing of the Company's shares
on the TSXV and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact, included in this release are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include the
failure to satisfy the conditions of the TSXV and other risks
detailed from time to time in the filings made by the Company with
securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by applicable law.
SOURCE H-Source Holdings Ltd.