Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and owner and operator of the Cubeler® Business Hub, today announced that activity from the Cubeler® Business Hub's "Financing" pillar during the month of November 2023 pushed the platform over $1,250,000 in loans facilitated in Canada.
In addition to hitting the credit milestone, the Cubeler® Business Hub also continued to attract new lenders and small and medium-sized enterprises (SMEs) during the month. Alternative lender Growth Street Capital (https://growthstreetcapital.com/) joined the platform, and after a significant decline in the number of new SME registrations on the platform from the second quarter to the third quarter, SME registrations as of the date of this news release were up by over 25% during the fourth quarter of 2023. As of the end of November 2023, SME membership on the Cubeler® Business Hub in Canada included businesses operating in industries represented by 18 of the 20 North American Industry Classification System codes, missing only businesses operating in the "Public Administration" and "Finance and Insurance" industries.
"Passing the $1,000,000 milestone certainly is a proud accomplishment for us," commented Mayco Quiroz, Tenet's Chief Operating Officer. "But what I'm most pleased about is that our number of SME registrations seems to be rebounding. This is an encouraging sign, particularly since we have decided to limit our marketing efforts until we get the Networking and Advertising pillars up and running. We think it means that the SME owners and executives already registered on the platform are starting to get the word out again about the Hub. Hopefully, we can build on that momentum when we add the Networking and Advertising pillars to the platform in Q1 2024."
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or by leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
Certain statements included in this press release constitute "forward-looking statements" under Canadian securities law, including statements in respect to the future operations and investments of and in the Company and any statements based on management's assessment and assumptions and publicly available information concerning the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its plans and assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward- looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; global financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates concerning that statement, related matters, or any other forward-looking statement.
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