Toronto, Ontario--(Newsfile Corp. - March 17, 2021) - Universal PropTech Inc. (TSXV: UPI) (FSE: 8LH) ("UPI" or the "Company") is pleased to announce that it has called the outstanding senior convertible debentures ("Debentures") in the principal amount of $96,584. An aggregate of $1,059,942 principal amount of Debentures were issued on July 14, 2020 (see press release dated July 14, 2020). The principal amount (other than the amount being redeemed) has been converted into common shares of the Company in accordance with the provisions of the Debentures. The redemption of the Debentures, together with approximately $689,584 in additional capital from the exercise of warrants and options over the last several weeks, is expected to strengthen the Company's balance sheet.
Chris Hazelton, CEO of the Company commented: "I am excited to announce that we are debt free, and we have further improved an already strong balance sheet with additional cash from exercised warrants and options. We have cash to support the growth of our business lines and the investment in ISBRG Corp. and additional investment opportunities that may present themselves."
As of March 16, 2021, assuming the redemption of the Debentures, the Company had the following securities issued and outstanding: 45,937,331.
About Universal PropTech Inc.
Universal PropTech Inc. (TSXV: UPI) (FSE: 8LH) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. ("VCI"), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI's business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Universal PropTech Inc.
President and Chief Executive Officer
Forward Looking Statements
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange ("Exchange"), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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