TORONTO, April 28, 2026 /CNW/ - XTM Inc. (OTCQB: XTMIF) (CSE: PAID) (the "Company") and its subsidiary, Everyday People Payments Inc. (together, the "XTM Entities") announce the commencement of a sale and investment solicitation process (the "SISP") pursuant to an order dated April 10, 2026 (the "SISP Order") by the Ontario Superior Court of Justice (the "Court") in the Company's Companies' Creditors Arrangement Act proceedings (the "CCAA Proceedings").
The Court approved a stalking horse subscription agreement on April 10, 2026 from Pateno Payments Inc. ("Pateno") with an estimated value of CAD $9,500,000, representing the estimated outstanding debtor-in-possession financing provided by Pateno to XTM during the CCAA Proceedings (the "Stalking Horse Bid").
If no qualified bids are received by the bid deadline, other than the Stalking Horse Bid, the Company intends to return to Court to seek approval of the proposed transaction, including a reverse vesting order, and if granted, proceed to closing as soon as practicable. Further details regarding the Stalking Horse Bid are provided on the Monitor's website at the address set out below.
The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of XTM's assets and business operations (the "Opportunity"). The Opportunity may include one or more of:
- a restructuring or recapitalization of the business as a going concern;
- an investment in the Company or its operations; or
- a sale of all, substantially all or certain of XTM's assets and business operations.
Persons interested in participating in the SISP may contact The Fuller Landau Group Inc, the Court appointed monitor of the XTM Entities (the "Monitor") as detailed below. Registrants will receive a process summary describing the opportunity, together with access to a virtual data room upon execution of a non-disclosure agreement and submission of the information required under the SISP. The deadline to submit a binding offer is set for June 8, 2026 at 4:00 p.m. (Eastern Time).
The Fuller Landau Group Inc., Court-Appointed Monitor of the XTM Entities
151 Bloor Street West, 12th Floor
Toronto, ON, M5S 1S4 Canada
Email: [email protected]
Copies of the SISP Order, and other related documents including details of the SISP process may be obtained on the Monitor's website at: https://fullerllp.com/active_engagements/xtm-inc-sale-and-investment-solicitation-process/.
The trading in the Company's common shares continue to remain halted on the CSE.
About XTM Inc.
XTM Inc. is a fintech enabler and the founder of AnyDay®, a real-time payroll, tip, and earned wage access platform. (www.paidanyday.com). The XTM Entities are subject to the terms of the orders of the Court and readers are encouraged to read the initial order issued by the Court on February 27, 2026, as amended and restated from time to time, and the temporary order issued by the Bank of Canada on the same date in their entirety.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this news release are forward-looking statements, including with respect to future plans of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release include, but is not limited to, statements with respect to the undertaking of the SISP; the trading and delisting of the Company's common shares. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive creditor or regulatory approvals; the ability to complete any future potential transactions in connection with the SISP and the terms and conditions thereof; the availability of DIP financing; the application of federal, provincial and municipal laws; the impact of increasing competition; and those additional risks set out in the Company's public documents filed on SEDAR+. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE XTM Inc.
For more information, please contact: Naveed Manzoor, FAAN Advisors Group Inc., Chief Restructuring Officer, Attention: [email protected]; Marilyn Schaffer, Chief Executive Officer, Tel: 416-260-1641
