Credissential Signs Non-Binding Letter of Intent to Acquire CoinCmply, Enhancing AI-Driven Financial Technology Portfolio

 

Calgary, Alberta – TheNewswire – February 21, 2025 – Credissential Inc. (“Credissential” or the “Company”) (CSE: WHIP) (OTC: IPTNF) (FSE: 9YZ), a integrated financial technology company, is pleased to announce that it has signed a non-binding Letter of Intent dated February 20, 2025 (“LOI”) to acquire 1000927675 Ontario Inc. dba CoinCmply (“CoinCmply”) (www.coincmply.com), a private company specializing in cryptocurrency tax compliance solutions (the “Proposed Transaction”) for Canadian and United States crypto users.

 

CoinCmply is a platform designed to assist cryptocurrency users in managing and simplifying their tax obligations. It offers tools and services that help users track their crypto transactions, calculate gains and losses, and generate necessary tax reports. By integrating with various exchanges and wallets, CoinCmply aims to provide a comprehensive solution for individuals navigating the complexities of cryptocurrency taxation. The platform offers features such as smart tax analysis, real-time portfolio tracking, personalized tax strategies, and multi-chain support, all aimed at ensuring compliance and maximizing deductions in the evolving crypto landscape.

The platform offers a suite of features, including:

• Smart Tax Analysis– Automated tax reports based on real-time crypto transactions and historical data. 

• Real-Time Portfolio Tracking– A dynamic dashboard that monitors multi-asset and multi-chain portfolios. 

• Personalized Tax Strategies– Tailored strategies to minimize tax liabilities and optimize deductions. 

• Multi-Chain Integration– Compatibility with multiple blockchain networks, allowing seamless data aggregation across various crypto wallets and exchanges. 

This strategic acquisition aligns with Credissential’s mission to build a comprehensive technology stack centered on financial literacy, artificial intelligence, quantum encryption and cryptocurrency integration. By incorporating CoinCmply’s innovative solutions, Credissential aims to provide users with seamless tools to navigate the complexities of cryptocurrency taxation, further solidifying its position as a leader in AI-driven financial technology.

 

Management Commentary:

 

Colin Frost, CEO of Credissential commented: “The potential acquisition of CoinCmply represents a significant milestone in our strategy to enhance our technology offerings with cutting-edge solutions that address the needs of modern consumers. By integrating CoinCmply’s expertise in cryptocurrency tax compliance, we are poised to offer our users unparalleled tools that simplify financial management in the digital asset space. This move underscores our commitment to leveraging artificial intelligence and cryptocurrency inclusion to empower our clients with comprehensive financial literacy and management solutions.”

 

Terms of the Agreement:

 

Under the terms of the LOI, at closing of the Proposed Transaction, the Company will issue an aggregate of 13,600,000 common shares in the Company (the “Consideration Shares”) at a deemed price of $0.08 per Consideration Share (for an aggregate transaction value of CAD$1,088,000) to the shareholders of CoinCmply pro rata to their respective shareholdings in CoinCmply, pursuant to the terms of a definitive agreement (the “Definitive Agreement”). The Company and CoinCmply have agreed to a 15-business day exclusivity period during which the parties will work towards executing the Definitive Agreement. It is expected that the Consideration Shares will be issued pursuant to National Instrument 45-106 – Prospectus Exemptions, section 2.16 Take-over bid and issuer bid.

 

The Proposed Transaction is subject to a range of conditions, including, but not limited to, the parties entering into the Definitive Agreement containing terms and conditions, including representations and warranties customary for transactions of this nature and receipt of all required shareholder, regulatory approvals, formal valuation of CoinCmply (which is currently being prepared by a third-party independent valuator).

 

The entering into of the Definitive Agreement is subject to, among other things, completion of the parties’ respective due diligence and approval of the boards of the Company and CoinCmply. There is no certainty that the parties will be able to conclude the Proposed Transaction. The LOI is non-binding and neither the Company nor CoinCmply is under any obligation to enter into, or continue negotiations regarding, the Definitive Agreement or to proceed with the Proposed Transaction. There can be no assurances that any component of the Proposed Transaction will proceed, nor can there be any assurance as to the final definitive terms thereof. No finder’s fees are payable in connection with the Proposed Transaction. The Proposed Transaction is considered arm’s length. The Company does not expect to assume any long-term debt in connection with the Proposed Transaction.

 

This acquisition is expected to enhance Credissential’s capabilities in providing AI-driven financial solutions, particularly in the areas of identity protection, credit building, budgeting, and asset optimization. By integrating CoinCmply’s technology, Credissential aims to offer a more platform that addresses the diverse financial needs of its users.

 

Stock Option and RSU Grant

 

On February 18, 2025, the Company has granted a total of 2,000,000 incentive stock options (“Options”) at a price of $0.08, and 2,000,000 Restricted Share Units (“RSUs”) of the Company to a consultant pursuant to its Omnibus Equity Incentive Plan adopted by the shareholders on February 23, 2024. The Options will expire two years from the date of grant and both the Options and RSUs will vest immediately, subject to the standard four month and one day hold period.

 

Investor Relations Activities

 

The Company also announces it entered into an agreement with Apaton Finance GmbH (“Apaton”), to provide marketing services to build online presence to the Company. The term of the engagement is for a period of eight weeks. Apaton and its principals are arm’s length to the Company. The Company will pay to Apaton €10,000 (plus applicable taxes), which is payable upfront. The Company does not propose to issue any securities to Apaton in consideration for the services to be provided to the Company. Apaton can be reached at: Ellernstr. 34, 30175 Hannover, Germany, Tel: +49 511 6768 731, Email: [email protected].

 

About CoinCmply:

CoinCmply is a cutting-edge provider of cryptocurrency tax compliance and portfolio management solutions. Its platform is designed to simplify complex crypto-related tax filings for both individuals and businesses, ensuring compliance with regulatory requirements while maximizing tax efficiency.

 

About Credissential

 

Credissential is an AI powered financial services software developer, currently focused on the development and commercialization of its flagship products, Credissential, Dealerflow and Antenna.

 

For more information about Credissential and other products from Credissential, visit www.credissential.com.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

Chief Executive Officer                Colin Frost

Head Office                         2004 Sherwood Drive Sherwood Park, AB T8A 0Z1

Telephone                         +1 (236) 513 4776

Email                                 [email protected]  

 

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

 

Forward-Looking Information

 

Certain information in this news release may constitute “forward-looking” information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan” and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.

 

Forward-looking statements are inherently risky and the information and plans disclosed therein may not come to fruition as contemplated or at all. Forward-looking statements in this news release include, but are not limited to, statements relating to: the expectation of the parties to enter into the Definitive Agreement, the expectation of the parties to complete the Proposed Transaction, any approvals required pursuant to the Proposed Transaction, the issuance of the Consideration Shares, the expected benefits of the Proposed Transaction and the future plans of the Company, business plans, objectives and strategy. Forward-looking statements are inherently risky and the information and plans disclosed therein may not come to fruition as contemplated or at all.

 

Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Corporation’s Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca.

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