Reklaim Ltd. (TSXV: MYID) (OTC: MYIDF), the pioneering platform that empowers consumers to control and monetize their personal data, is thrilled to announce a significant 9.8% reduction in its overall debt. This achievement came as a result of a $100,000 cash payment to a non-arms-length creditor, funded by the exercise of warrants by existing investors, which further validates their unwavering confidence in the company’s vision.
The remarkable aspect of this debt reduction is that it has no impact on Reklaim Ltd.’s share structure. The company has not issued any new shares, and the fully diluted capital table remains unchanged, with a total of 114,896,595 shares outstanding.
This substantial debt reduction follows a phenomenal year of financial success for Reklaim Ltd. The company achieved its first full year of profitability and recorded a staggering $1,416,230 in revenue in Q4-2023, representing an impressive 97% increase compared to Q4-2022.
This latest accomplishment reinforces Reklaim Ltd.’s unwavering dedication to giving consumers control over their personal data while simultaneously demonstrating a strong financial trajectory. The company is committed to providing innovative avenues for consumers to earn compensation by effectively managing and monetizing their data.
In other exciting news, the Company’s Board of Directors has approved the issuance of 1,634,000 stock options and restricted share units (RSUs) as part of its Omnibus Equity Incentive Plan. This allocation includes 1,106,000 stock options granted to the company’s officers and employees, with an exercise price of $0.14 per share and a five-year term. Additionally, 528,000 RSUs were granted to the Company’s directors, vesting immediately upon issuance. All stock options and RSUs have been issued in compliance with the Company’s Omnibus Equity Incentive Plan and adhere to the regulations of the TSX Venture Exchange.
About Reklaim Ltd.
Reklaim Ltd. revolutionizes the data industry by providing compliant, zero-party data to Fortune 500 brands, platforms, and data companies while empowering consumers to reclaim their personal information. Through Reklaim, users can visit the platform, verify their identity, and discover the data that has been collected and sold without their explicit consent. By creating a Reklaim account, consumers can regain control over their personal data and have the option to earn compensation by sharing it.
To learn more about Reklaim Ltd. and its commitment to returning data ownership to consumers, visit Reklaim’s Investor Relations page at https://www.investors.reklaimyours.com/.
Disclaimer: This news release may contain forward-looking statements and statements that are not historical facts. These forward-looking statements involve risks and uncertainties, and actual results and events could differ materially from those anticipated. The Company cautions readers that assumptions used in preparing forward-looking information may prove to be incorrect. Factors that could cause actual results to differ materially from expectations include known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company does not undertake any obligation to update or revise any forward-looking statements, except as expressly required by Canadian securities law.
Reklaim Ltd. has recently announced a significant 9.8% reduction in its overall debt through a $100,000 cash payment to a non-arms-length creditor. This debt reduction is noteworthy because it did not impact the company’s share structure. No new shares were issued, and the fully diluted capital table remains unchanged with 114,896,595 shares outstanding. This demonstrates the company’s ability to manage its financial obligations effectively while maintaining stability in its shareholder base [source].
Furthermore, Reklaim Ltd. has achieved impressive financial success, with its first full year of profitability and a substantial increase in revenue. In Q4-2023, the company recorded a staggering $1,416,230 in revenue, representing a remarkable 97% increase compared to Q4-2022. This indicates strong growth and a positive financial trajectory for the company [source].
Reklaim Ltd. aims to revolutionize the data industry by providing compliant, zero-party data to Fortune 500 brands, platforms, and data companies while empowering consumers to reclaim their personal information. The company offers a platform where users can verify their identity, discover the data that has been collected and sold without their explicit consent, and regain control over their personal data. Consumers also have the option to earn compensation by sharing their data through the Reklaim platform [source].
With the issuance of 1,634,000 stock options and restricted share units (RSUs) as part of its Omnibus Equity Incentive Plan, Reklaim Ltd. highlights its commitment to incentivizing its officers, employees, and directors. The stock options, with an exercise price of $0.14 per share and a five-year term, have been granted to officers and employees, while the RSUs have been granted to the directors and vest immediately upon issuance. These equity incentives align the interests of key personnel with the long-term success of the company [source].
However, it is important to note that Reklaim Ltd. operates in a highly competitive and rapidly evolving market. The data industry faces key challenges and controversies, such as concerns over data privacy and security. As Reklaim Ltd. empowers consumers to have more control over their personal data, it must navigate regulatory requirements and build trust with both consumers and businesses. Additionally, the company will need to continue innovating and staying ahead of market trends to maintain its competitive edge in the data industry [source].
Overall, Reklaim Ltd.’s solid financial position through debt reduction, impressive revenue growth, and commitment to consumer empowerment demonstrate its potential in the data industry. The company’s focus on returning data ownership to consumers and offering compensation options further enhances its appeal. However, it will face challenges related to data privacy, security, and market competition. Monitoring these challenges and adapting to market trends will be crucial for Reklaim Ltd.’s continued success.
For more information about Reklaim Ltd. and its commitment to returning data ownership to consumers, visit Reklaim’s Investor Relations page at https://www.investors.reklaimyours.com/.