Toronto, Ontario--(Newsfile Corp. - November 3, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and operator of the Cubeler® Business Hub, today provided an update on the credit activity facilitated by the platform's "Financing" pillar in Canada while it continues with the development of the remaining "Networking", "Advertising" and "Insights" pillars.
The Company reported that loans and credit in the form of working capital loans, merchant cash advances, term loans, and lines of credit totaling a little more than $980,000 were awarded on the platform through the end of October 2023. That amount was divided amongst small and medium-sized enterprises operating in the construction, manufacturing, transportation, retail, professional services, wholesale, and accommodation services industries. Professional services accounted for the largest share of credit granted on the platform at 43%, followed by wholesale trade at 31%, and transportation and warehousing services at 10%.
"We are very encouraged by these initial figures," commented Evrard Nkwemi, Director of Financial Institution Relationships of the Company's Cubeler subsidiary. "Our current lending partners are still just getting acclimated with the platform and we're obviously constantly adding new lenders and SME members to the mix, so this is definitely a good start. Our objective at Cubeler will always be to help as many SMEs as we can make the most of their operations. So, to see that we're playing a role in facilitating loans and credit for SMEs operating in a diversified group of industries and coming from across the country, from Newfoundland and Labrador to British Columbia, is extremely gratifying. I'm really looking forward to seeing what these numbers will look like when the platform is operating at full capacity with the upcoming three pillars in the spring of 2024."
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries provide analytics and AI-based services to businesses and financial institutions through the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations
416-428-9954
cboyd@tenetfintech.com
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
Twitter: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
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Forward-looking information
Certain statements included in this press release constitute "forward-looking statements" under Canadian securities law, including statements in respect to the future operations and investments of and in the Company and any statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its plans and assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward- looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; global financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
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