TORONTO, April 17, 2026 /CNW/ - On February 27, 2026, XTM Inc. (OTCQB: XTMIF) (CSE: PAID) (the "Company") and its subsidiary, Everyday People Payments Inc. (together, the "XTM Entities") were granted protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA Proceedings") pursuant to an Order (the "Initial Order") of the Ontario Superior Court of Justice (the "Court"). The Fuller Landau Group Inc. was appointed Monitor of the XTM Entities (in such capacity, the "Monitor").
The CCAA Proceedings were commenced to allow the XTM Entities time to stabilize the business and consider their restructuring options.
As part of the stabilization of the business, the Company, through its service provider, Everyday People Financial Corp., and with the oversight of the Monitor, recommenced operation of the EveryDay Payments platform on March 20, 2026. Since March 20, Merchants have been restarting their use of the EveryDay Platform to disburse same day tips to their employees.
On April 2, 2026, in order to further advance the progress made to stabilize its business, the XTM Entities sought and obtained an Order from the Court for the appointment of FAAN Advisors Group Inc. to serve as their Chief Restructuring Officer (the "CRO") to, among other things, assist the Company in advancing its restructuring and participate in the development and implementation of a sale and investment solicitation process ("SISP").
On April 10, 2026, the Court granted an order (the "SISP Approval Order"), among other things,
(i) | approving the SISP to canvass the market to solicit interest in the opportunity for a sale or investment in all or part of the Company's assets and business operations, including the EveryDay Platform; and |
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(ii) | approving a stalking horse subscription agreement (the "Stalking Horse Agreement") between XTM and Pateno Payments Inc. (the "Stalking Horse Bidder"), the Company's debtor-in-possession financier, establishing a minimum transaction benchmark for the SISP and bringing operational stability to the business. |
The SISP is intended to generate the best offers for the Company's property, assets and undertakings. The process will be conducted by the Monitor with the assistance of the CRO and the Company. Further details of the Stalking Horse Agreement are available on the Monitor's website at the link provided below.
If the Stalking Horse Bidder is the successful bid, Court approval will be required before the Stalking Horse Bidder agreement and the transaction is consummated.
Persons interested in participating in the SISP may register their interest by contacting the Monitor as indicate below. Registrants will receive a process summary describing the opportunity, together with access to a virtual data room upon execution of a non-disclosure agreement and submission of the information required under the SISP.
The SISP will commence on April 27, 2026, and the deadline to submit binding offers under the SISP is June 8, 2026, at 4:00 p.m. (Eastern Daylight Time).
Interested persons should contact the Monitor at:
The Fuller Landau Group Inc.
151 Bloor St. West, 12th Floor, Toronto, ON M5S 1S4
Attention: George Chibukhchyan
Phone: 647.417.0389
Email: gchibukhchyan@fullerllp.com
Copies of the materials filed in the CCAA Proceedings and the SISP are available on the Monitor's website at, https://fullerllp.com/active_engagements/xtm-inc/.
The trading in the Company's common shares continue to remain halted on the CSE.
About XTM Inc.
XTM Inc. is a fintech enabler and the founder of AnyDay®, a real-time payroll, tip, and earned wage access platform. (www.paidanyday.com). The XTM Entities are subject to the terms of the Initial Order and readers are encouraged to read the Initial Order issued by the Court, as amended and restated from time to time, and the Temporary Order issued by the Bank of Canada in their entirety.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this news release are forward-looking statements, including with respect to future plans of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release include, but is not limited to, statements with respect to the undertaking of the SISP; the trading and delisting of the Company's common shares. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive creditor or regulatory approvals; the ability to complete any future potential transactions in connection with the SISP and the terms and conditions thereof; the availability of DIP financing; the application of federal, provincial and municipal laws; the impact of increasing competition; and those additional risks set out in the Company's public documents filed on SEDAR+. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE XTM Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2026/17/c0294.html
For more information, please contact: Naveed Manzoor, FAAN Advisors Group Inc., Chief Restructuring Officer, Attention: naveed@faanadvisors.com