Yroo Inc. Provides Corporate Update and Result of Special Meeting of Shareholders

TORONTO, July 13, 2020 /CNW/ - Yroo Inc. ("Yroo", or the "Company") is pleased to provide a corporate update and information regarding its recent recapitalization and other actions taken to significantly improve the Company's overall financial position.

On June 5, 2020 the Company successfully completed a rights offering by way of private placement for total proceeds of US$1.4 million. In addition, as part of its recapitalization, the Company was able to successfully restructure a significant amount of its secured and unsecured debt to give it a solid financial foundation on which to carry out its business plan for the foreseeable future.

Amounts raised by the Company as part of the rights offering are intended to provide general working capital to finance sales growth and the continuance of operations, among other purposes.

"We are thankful to our shareholders and creditors who supported us hrough the rights offering and recapitalization process," said James Cunningham, CEO of Yroo Inc. "The Company is now in a much stronger financial position with more flexibility to pursue various strategic options."

On June 25, 2020 the Company held a special meeting of shareholders at the request of a small group of concerned shareholders to vote on proposed changes to the composition and size of the Board of Directors. At this meeting, shareholders representing over 78% of the total shares outstanding of the Company voted overwhelmingly (99.2%) against the proposals of the concerned shareholders to remove certain board members and to amend and fix the size of the Board of Directors to three directors. Following the meeting, the Board of Directors remains fixed at four members and its members continue to be James Cunningham, Peter Sharpe, Christopher Dawson and Nick (Qi) Zhu.

The Company is encouraged by the support it received from a majority of shareholders, and remains focused on advancing and enhancing its world-class B2B and B2C technologies. With sufficient capital to support its operations in the near-term, the Company is focused on business development opportunities which can generate revenue from B2B relationships. However, due to the impact of COVID-19 on its business and the broader economy, the Company may consider a range of strategic alternatives with the goal of maximizing shareholder value.

About Yroo Inc.
Shopbrain, from meta-search engine and big data company Yroo, is a virtual shopping assistant powered by artificial intelligence to find online shoppers the best price in real-time. Through AI, Shopbrain searches thousands of retailers, merchants and search engines, including Amazon, Best Buy, Home Depot, Walmart, eBay, Google Shopping and catalogues over 1 billion products. The shopping assistant offers both B2C and B2B solutions saving consumer time and money while improving business revenue while protecting their margins. 

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SOURCE Yroo

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