Sensor Announces Debt Conversion and Corporate Update

Toronto, Ontario–(Newsfile Corp. – October 15, 2021) – Sensor Technologies Corp. (CSE: SENS) (“Sensor”) is pleased to that it has negotiated various debt conversion agreements (collectively, the “Debt Agreements”) with eight (8) creditors (collectively, the “Creditors”), all of which are arm’s length parties to the Corporation.

Pursuant to the terms of the Debt Agreements, the Corporation has agreed to issue an aggregate of 45,067,635 common shares (“Debt Shares”) to the Creditors in exchange for the cancellation of $901,352.69 in debt owing to the parties.

The Debt Shares issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.

The Corporation would also like to provide an update on its proposed acquisition of all of the issued and outstanding securities (the “Proposed Acquisition”) in the capital of EmersonGrow Technology Inc. (“EmersonGrow”). Further to Sensor’s press releases of January 20, 2020, February 1, 2021, March 18, 2021, April 6, 2021, June 7, 2021 and July 15, 2021, one of the conditions in order for the parties to enter into a definitive share exchange agreement is for EmersonGrow to provide the Corporation with evidence that the $1 million private placement has closed.

Sensor and the shareholders of EmersonGrow have not yet executed a definitive agreement with respect to the Proposed Acquisition and there can be no assurance that that the parties will execute a definitive agreement or that the Proposed Acquisition will be completed on the terms agreed to or completed at all.

The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange (“CSE”) and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.

About Sensor

Sensor develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. Sensor’s FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

For further information, please contact:

Jay Vieira, President, Director
905.338.0220

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward-looking Statements

This news release includes certain information and forward-looking statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99799