TORONTO, ON / ACCESS Newswire / August 21, 2026 / EV Technology Group Ltd. ("EVT" or the "Company") is pleased to announce that it has settled an aggregate of US$350,000 of indebtedness to the Chief Executive Officer and Chief Financial Officer of the Company (the "Debt Amount") through the issuance of 251,076,040 common shares in the capital of the Company (the "Common Shares") at a price of US$0.0014 per Common Share (the "Debt Settlement"). The Debt Amount represents accrued fees owing to the officers of the Company resulting from the conservation of cash within the Company. All securities issued in connection with the Debt Settlement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The Debt Settlement is constituted "related party transactions" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as the Chief Executive Officer and the Chief Financial Officer of the Company will receive an aggregate of 251,076,230 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(g) and 5.7(1)(e) of MI 61-101, as the Company is in financial difficulty and the transaction is designed to improve the financial position of the Company, as determined in accordance with MI 61-101. As of June 30, 2026, the Company has a negative working capital position of US$222,660, and the Debt Settlement will bring the Company into a positive working capital position. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt Settlement, which the Company deems reasonable.
The Debt Settlement was approved by the members of the board of directors of the Company who are independent for the purposes of the Debt Settlement, being all directors other than Mr. Kenny Choi. No special committee was established in connection with the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States
Change of Registered Office
The Company is also pleased to announce that the Board of Directors has approved the change in the address of registered office of the Company to TD North Tower, 77 King St W Ste 700, Toronto, ON M5K 1G8.
Contact Information
Kenny Choi
Chief Executive Officer
kenny@evtgroup.com
(416) 861-2262
Forward-Looking Statements
This press release contains forward-looking statements under applicable securities laws. These statements relate to future events, financial performance, and operational expectations, including the objectives, prospective transaction, market conditions, and strategic plans.
Forward-looking statements involve risks, uncertainties, and assumptions that may cause actual results to differ materially, including market conditions, regulatory changes, geopolitical factors and capital availability. We undertake no obligation to update these statements except as required by law. Readers should not place undue reliance on forward-looking statements, which speak only as of their date.
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer or solicitation to buy or sell securities. Any such offering will be made only in compliance with applicable laws and through authorized offering documents.
SOURCE: EV Technologies Group
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/clean-technology/ev-technology-group-announces-shares-for-debt-transaction-and-change-of-registered-1209991
