Therma Bright Announces Shares for Debt Issuance to Include Portfolio Company AI4LYF & IR Agreement

Toronto, Ontario–(Newsfile Corp. – September 18, 2024) – Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (“Therma Bright” or the “Company”), a developer and investment partner in a wide range of leading-edge, proprietary diagnostic and medical device technologies, announces that AI4LYF has agreed to participate in a shares for debt transaction which progresses the Company’s contractual obligation to AI4LYF while preserving cash.

Therma Bright is the global exclusive license holder of the innovative AI-powered Digital Cough Technology (DCT) which was created by AI4LYF and funded by Therma Bright As shared in August 2024, the DCT is currently being considered as a partner technology for a new, innovative, and disruptive chronic cough drug U.S.-based clinical trial. Furthermore, the Company, along with AI4LYF, is pursuing U.S. Food and Drug Administration (FDA) 513(g) request to obtain information regarding the classification and regulatory requirements for this AI-powered technology to be used as a remote therapeutic monitoring (RTM) solution. In a 2023 Precedence Research report, the “global respiratory monitoring devices market size accounted for USD $1.50 billion in 2022, and it is expected to hit around USD 2.99 billion by 2032”.

The Company has negotiated debt settlements with arm’s length and non-arm’s length creditors. Pursuant to the debt settlements it has arranged, and subject to acceptance by the TSXV, the Company proposes to settle aggregate debt of $404,500 in consideration for which it will issue an aggregate of 5,056,250 common shares at a deemed price of $0.08 per share with AI4LYF participating for CAD $280,000 making up the bulk of the shares for debt issuance.

Directors and officers are participating in the debt settlement transactions and will receive an aggregate of 593,750 shares in consideration for settlement of an aggregate $47,500 debt. Participation by directors and officers will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities that may be acquired by the insiders, nor the consideration for the securities that will be paid by such insiders, is expected to exceed 25% of the Company’s market capitalization.

All securities issued under the debt settlements will be subject to a hold period expiring four months and one day from their date of issuance.

“We are pleased to announce that AI4LYF has agreed to participate in this shares for debt transaction shared Rob Fia, CEO of Therma Bright. “This reduces the overall progress payments due to AI4LYF and improves our balance sheet. AI4LYF is expressing their confidence in Therma Bright and the potential for the investment over time.”

The Company also announces that it has entered into an arm’s length agreement with WIRED IR LLC (“WIRED”) of Sheridan, Wyoming, to provide investor relations and marketing services to enhance the Company’s exposure within the investment community, including marketing services through social media channels and online media distribution.

Pursuant to the agreement, Therma Bright indicated its intent to allocate an average budget of $25,000 per week starting from September 16, 2024. WIRED recommended a minimum commitment of two months or $200,000, however, Therma Bright is not obligated to adhere to WIRED’s recommendation and may adjust the budget at its discretion. The Company is not obligated to continue with the budget, if it determines the services are not effective and may discontinue the budget allocation at its sole discretion without any penalties. WIRED has no direct relationship with the Company other than as set out in this press release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Therma Bright Inc.
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today’s most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.

About AI4LYF
AI4LYF is an innovative smart-health company with a mission to transform lives through deep intelligence. Having pioneered DCT, it is also working on AI based novel solutions that have potential to change the “Reactive Sick care” into “predictive, preventive, personalized health care” for fuller and longer lives for all.

Follow us on:
Twitter

FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events such as the potential for Therma Bright’s shares and related information as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-Looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.

Neither the 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 press release.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223709