Toronto, Ontario--(Newsfile Corp. - July 24, 2024) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler? Business Hub, today provided an update on loans and credit facilitated by the platform's "Financing" module in Canada ahead of the upcoming release of the platform's "Networking" and "Advertising" modules.
The Company reported that between July 2023 and June 2024, loans and credit in the form of receivables financing, merchant cash advances, term loans, lines of credit, and inventory financing totaling $976,500 were awarded on the platform. That amount was divided amongst small and medium-sized enterprises (SMEs) operating in the construction sector, professional, scientific and technical services, wholesale trade, accommodation and food services industries, management of companies and enterprises, and real estate, rental and leasing sectors. Loans and credit awarded to businesses in the professional, scientific and technical services sector led the way, accounting for 46.08% of the total amount. That was followed by construction at 36.97%, accommodation and food services at 11.26%, management of companies and enterprises at 3.89%, wholesale trade at 1.02% and finally real estate, rental and leasing at 0.77%. The loans and credit awarded on the platform during that span ranged from $7,500 to $300,000.
"After the brief disruption in our operations during the months of May and June of 2023, we are very pleased to see that credit activity on the platform has not only gotten back on track, but that we're actually on pace to surpass the total amount of credit facilitated by the platform in 2023," commented Evrard Nkwemi, Director of Financial Institution Relationships of the Company's Cubeler subsidiary. "But what I'm most excited about is how much incredible insight we're already getting from the data collected on the platform even before the arrival of the Networking and Advertising modules truly bring the Hub to life. Just through simple analysis of the lending activity and the underlying variables used to pre-qualify the SMEs, we're able to learn so much about how certain industrial sectors may be faring. Of course, this type of insight is just the tip of the iceberg when it comes to what will be available through our ie-Pulse product offering later this year. And that's just one of the reasons why everyone at Tenet is so unapologetically enthusiastic about the Company's future."
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 offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by 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/.
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. 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 Tenet 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 and 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 Tenet with securities regulators in Canada. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca, for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
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.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
