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Enter Symbol
or Name
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Kuuhubb Inc
Symbol KUU
Shares Issued 64,458,043
Close 2023-10-04 C$ 0.015
Market Cap C$ 966,871
Recent Sedar+ Documents

Kuuhubb in forbearance talks with creditor

2023-10-04 09:33 ET - News Release

Subject: PRESS RELEASE FOR DISSEMINATION - KUUHUBB INC. PDF Document File: Attachment KUU - Press Release - October 4, 2023.pdf KUUHUBB ANNOUNCES CORPORATE UPDATE; FUNDING SHORTFALL, ANTICIPATED REGULATORY CEASE TRADE ORDER AND DIRECTOR AND OFFICER RESIGNATIONS Toronto, Ontario, October 4, 2023. Kuuhubb Inc (TSXV KUU) (the "Company"), a mobile games and lifestyle app producer, announces a corporate update in relation to its status. By way of background, the Company has made significant efforts during the past year to organize sufficient financing to enable it to retain its corporate status following the events in 2021 and 2022 during which its principal operating subsidiary, Kuuhubb Oy, of Helsinki, Finland, was placed under restructuring in accordance with the Restructuring of Enterprises Act (Finland), from which it emerged by way of an Order of the Court in Finland, certified in May, 2002, and under which it is obliged to make annual instalment payments for a total of 1,523,958 over the period ending September 30, 2029. Kuuhubb Oy was able to meet the instalment obligation due on September 30, 2022, and has been able to make the instalment payment due on September 30, 2023 by obtaining a forbearance agreement which currently remains in place under which the principal creditors agree to postpone their entitlement. Earlier in 2023, the Company was able to re-negotiate the terms of a 2 million unsecured debt which had been in default since 2021, but as a result of the shortfall of revenues generated in Kuuhubb Oy and its own lack of working capital, the Company will be unable to maintain its monthly interest-payment obligations on that debt, and is currently endeavouring to negotiate a forbearance agreement with that creditor. The Company is endeavouring to negotiate a forbearance agreement with its principal secured creditor which is owed 2,372,753 and US$2,452,876. The Company further announces that, following the resignation of its Auditors in February, 2023, attempts to retain a new auditor have so far been unsuccessful, owing in particular to the lack of funds to pay the necessary retainer. As a consequence of the lack of funding and of audited financial statements for the year ended June 30, 2023, the Company anticipates that it will not be able to meet the filing deadline for audited annual financial statements and related regulatory filings on October 30, 2023, or pay annual regulatory fees, which will lead to a filing default and issuance of a Cease Trade Order by the Securities Regulatory agencies on or immediately after October 31, 2023. The Company further announces that two of its directors, Andre Ludi and Douglas Ibbitson have resigned from the Board, and Charles Sung has resigned as Chief Financial Officer, leaving Jouni Keranen as the sole remaining director and officer. The Company does not anticipate that it will be able to find replacements to fill the vacancies on the Board and CFO position unless and until it is able to raise new working capital and negotiate a forbearance agreement with its principal unsecured creditor. 2 About Kuuhubb Kuuhubb is a mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our Mission is to become a top player in the female mobile game space. We believe in empowering women by creating games and apps that will have our female audience relax, express and entertain themselves every day. Through our games and partnerships with select developers, we explore new lifestyle trends that can be converted into games and apps which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on U.S. and Asian markets. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. For further information, please contact: Kuuhubb Inc. Jouni Keranen - CEO jouni@kuuhubb.com Office: +358 40 590 0919

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