The balance sheet improvement has been achieved in two ways:
Steve Morris , founder, Chief Technology Officer and a Director ofBubblr, Inc. , d/b/a Ethical Web.AI, converted approximately$821,400 of promissory notes payable and due him from the Company into 2,489,186 shares of common stock. The conversion price for the common stock was$0.33 per share.- Additionally, each of the Company's senior officers including CEO
Tim Burks , CFODavid Chetwood , and CTOSteve Morris , has agreed to waive and forgive accrued salaries. ProfessorPaul Morrisey , a member of the Board of Directors, has waived and forgiven$135,000 in directors' fees, which would have been due to him at the end of 2023. Altogether, a further$843,700 in accrued salary liabilities has been removed from the Company's balance sheet.
In total,
- A free access period that allows consumers initial free access to the AI Seek app.
- Marketing attribution code tracking.
- In-app purchasing capabilities for those consumers that require additional query credits.
“It is already our belief that AI Seek is demonstrably superior to Chat GPT 4 (see video link). In addition, the Ethical Web AI development team is currently on track to deliver a demonstrable version of our open-source platform by the end of Q1 2024. I have no doubt that 2024 will be a huge year for AI in general and for Ethical Web AI in particular."
About Ethical Web AI:
Ethical Web AI is an ethical technology company that is championing a new internet that is anonymous, safe and fair. We are producing unique intellectual property and technology that is made defensible by our valuable utility software patents. For more information about our Company and products, please visit our website at www.ethicalweb.ai
Visit the new AI Seek website at: https://www.aiseek.ai
If you are an AI Seek user, make sure to add desktop integration by going to the page https://desktop.aiseek.ai/
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company reserves the right to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact:
(646) 814 7184
A video accompanying this press release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1e1da2-3497-46a4-8764-613e7ce7614e
Source: About Ethical Web AI
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