Toronto, Ontario--(Newsfile Corp. - July 16, 2026) - IC Group Holdings Inc. (TSXV: ICGH) ("IC Group" or the "Company") today announced a strategic commercial relationship with Bullet Messaging Inc. ("Bullet"), supported by a definitive software-as-a-services agreement (the "SaaS Agreement") and a strategic funding arrangement.
Bullet is a Nova Scotia based privately held technology company, founded in July 2025, that provides a message routing platform to facilitate delivery of secure digital short messaging (SMS), multimedia messaging (MMS), and rich communication services messaging (RCS) services, as well as other communication channels like Toll Free, What's App, and Apple Business messaging. Its cloud-based platform is designed to enable organizations to deliver authenticated, real-time communications across multiple channels, with a focus on enhancing customer engagement, operational efficiency, and scalable enterprise integration.
Partnering with Bullet will allow the Company to strengthen its communications platform, broaden the Company's offerings, expand technology capabilities, and support future innovation. The funding portion of the relationship is intended to support the continued development of Bullet's communications platform. Bullet is a non-arm's length party to the Company, as Chris McGarrigle serves as Chief Executive Officer of Bullet Messaging and as Senior Vice President of IC Group.
Pursuant to the SaaS Agreement signed October 1, 2025, the Company will be able to access Bullet's communications technology, software services and related platform capabilities in its mobile communications business. The SaaS Agreement provides the Company with exclusive Canadian licensing rights for Bullet's technology and is structured around a recurring subscription-based model. The SaaS Agreement has a five-year term with automatic one-year renewals, subject to termination for breach of contract and other market terminable events.
"This relationship represents an important step in the continued evolution of our communications platform," said Duncan McCready, Chief Executive Officer of IC Group. "We believe the combination of Bullet's technology, our exclusive Canadian rights and a long-term commercial relationship provide a strong foundation to enhance our capabilities, support future innovation, and pursue new growth opportunities. As our business continues to scale, we believe the relationship may also contribute to operational efficiencies and long-term value creation."
Chris McGarrigle, CEO of Bullet Messaging and Senior Vice President of IC Group, commented, "We are pleased to expand our relationship with IC Group through a long-term commercial agreement focused on technology development and platform advancement. We believe the relationship creates opportunities to continue enhancing communications capabilities, support future innovation, and provide customers with additional solutions as market requirements evolve."
As part of the relationship, IC Group has committed up to $500,000 through a Convertible Note facility signed July 1, 2026, to be advanced to Bullet over a 12-month period commencing July 1, 2026 (the "Convertible Note"). The funding is intended to support the continued development of Bullet's messaging platform, which will in turn benefit the Company.
Under the terms of the Convertible Note, IC Group may elect to convert the principal amount into equity of Bullet representing 15% of its issued and outstanding shares at the time of conversion, (the Company has been provided with certain anti-dilution and pre-emptive participation rights should it wish to preserve its potential equity interest in the event Bullet seeks additional financing). This represents an implied post money valuation of Bullet of $3.3 million. The Company arrived at the valuation by applying certain customary valuation metrics, including anticipated revenue and material cost savings, and the added value of obtaining exclusive rights to the technology. If the Convertible Note is not converted by IC Group on or before December 31, 2027, the outstanding principal amount will commence bearing interest at a rate of 12% per annum and will be repayable over the following two years through 24 monthly payments.
The entering into the Saas Agreement and the Convertible Note was approved by the Company's board of directors after a thorough presentation and review process (it being noted that Mr. McGarrigle is not a director of the Company). Given the relative scale of the Company's engagement with Bullet in the context of the Company's overall operations and financial position, the Board determined that obtaining an independent valuation of Bullet was not necessary.
The anticipated benefits of the relationship with Bullet are based on current expectations and assumptions regarding future technology development, platform adoption, and commercial opportunities. There can be no assurance that any anticipated benefits will be realized, and actual results may differ materially from current expectations.
About IC Group
IC Group (TSXV: ICGH) is a consumer engagement company driving commerce and data for global brands and professional sports teams across live events, digital ecosystems and mobile channels. Operating at the intersection of marketing, technology, and commerce, we simplify the complexities of modern consumer engagement for customers on a global scale.
Investor Information
The Company continues to invest in technology, automation, and scalable infrastructure that supports customer engagement, operational efficiency, and long-term growth.
For further information, please contact:
Duncan McCready
Chief Executive Officer
IC Group Holdings Inc.
T: 204-487-5000
E: duncan.mccready@icgroupinc.com
Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements in this news release include, without limitation, statements regarding the anticipated benefits of the Company's relationship with Bullet Messaging, the development and future capabilities of the Company's platform, anticipated operational efficiencies volume and scalability improvements, expanded reach and expected customer engagement opportunities, future growth prospects, and the anticipated benefits of the Company's funding commitment to Bullet.
Forward-looking statements are based on management's current expectations, estimates, projections, assumptions and beliefs as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated.
Readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305494
Source: IC Group Holdings Inc.
