HS Govtech plan of arrangement closes, delisting

HS Govtech Solutions Inc (C:HS) 
Shares Issued 56,209,437
Last Close 11/20/2023 $0.53
Wednesday November 22 2023 - News Release

Mr. Silas Garrison reports

HS GOVTECH ANNOUNCES CLOSING OF PLAN OF ARRANGEMENT

HS Govtech Solutions Inc. has closed its previously announced plan of arrangement with a British Columbian subsidiary of a U.S. private equity fund operated by Banneker Partners LLC, pursuant to which the purchaser has acquired all of the issued and outstanding common shares of the company, on a fully diluted basis, for an all-cash consideration of 54 cents per share. In connection with the transaction, each of the company's outstanding options, warrants, and restricted stock units will be cancelled in exchange for a cash payment from the purchaser equal to the amount (if any) by which 54 cents exceeds the exercise or conversion price of such option, warrant, or restricted stock unit, as applicable. The company's outstanding non-convertible debentures will also be repaid in connection with closing of the arrangement.

As previously announced, the arrangement was approved by securityholders of the company at its special meeting held on Nov. 9, 2023, and by the Supreme Court of British Columbia on Nov. 17, 2023.

All registered shareholders of the company must complete, sign, date and return the letter of transmittal, which has been previously mailed and is available under the company's SEDAR+ profile with accompanying share certificate(s), as applicable, to Odyssey Trust Company as soon as possible, if they have not already done so. Non-registered shareholders should contact their broker or other intermediary for instructions and assistance in receiving the consideration in respect of their shares.

With the completion of the arrangement, the shares will be delisted from the Canadian Securities Exchange on Nov. 22, 2023, and from the OTC and the Frankfurt Stock Exchange shortly thereafter. The company will apply to cease to be a reporting issuer under applicable Canadian securities laws after its shares have been delisted.

About HS Govtech Solutions Inc.

HS Govtech is an industry leading software as a service company serving the state, provincial and local government market across the United States and Canada. HS Govtech's cutting edge platforms currently provide inspection, information, communication and data management systems that enable government agencies to operate more efficiently. HS Govtech's cloud and mobile based platforms are currently deployed in over 800 state and local government organizations across North America. HS Govtech currently offers the only fully integrated inspection, administration and analytics product suite across all platforms in North America. HS Govtech also delivers its government grade technologies to private businesses through its My Health Department platform, enabling citizens and private businesses to gain visibility and predictability into their own organizations and move from a reactive to a pro-active operational status. As HS Govtech continues to deliver focused service and innovative solutions to government organizations, the company entered the FinTech space through its HSPay offering which serves as a payment platform that streamlines the intake of government revenue. Further, HS Govtech's GovCall platform offers one of the only teleconferencing and video collaboration platforms tailored exclusively for government agencies.

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