InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. subsidiary InsuraGuest ("ISG"), is proud to announce a business update for its vacation rental business
ISG, after integrating with both Hostfully and Guesty vacation rental property management software systems, has seen growth in its vacation rental business. In the past month, the company has signed several property management companies to its system. Companies who have multiple properties in Utah, Maryland, Hawaii, Texas, New Mexico, and California.
The Company also announced that an insider, and a director and an insider, of the Company acquired a combination of 2,774,666 common shares through the exercise of warrants at $0.20 for total proceeds of $554,933. These internally sourced funds have no commissions or fees.
The Company also announced that at the forthcoming Annual General Meeting ("AGM") to be held on May 27, 2021 that it will be asking the disinterested shareholders of the Company to extend the Manado A, B, C, and D warrants totaling 10,580,000 warrants, exercisable at $0.20. The warrants were issued as part of the consideration of the reverse takeover (see Notice of Special Meeting of Shareholders and Information Circular dated November 1, 2019 for the meeting held on November 29, 2019). The proposed extension is for one year for both the expiry dates and the performance milestone dates for each class of warrants and is subject to TSX Venture Exchange approval.
This is being proposed due to the delays caused by COVID 19 in the Companies business development.
The Company will also propose at the upcoming AGM that the shareholders approve a change from the company's 10% rolling option plan to a fixed 20% of outstanding plan, subject to TSX Venture Exchange approval
Full details of the propose changes will be included in this year's AGM circular.
"With COVID-19 vaccinations rolling out across the country, we are seeing looser restrictions on operations, and a significant increase in travel demand which will help team execute on its business plan." states Charles Cayias, director and President of InsuraGuest Technologies, Inc.
Property Management System Integration
InsuraGuest now integrates with 82 hotel and 2 vacation rental property management systems, through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel or vacation rental property can lower its claim ratio and risk profile, which may decrease the property's general liability premiums.
InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V: ISGI) (OTCQB: ISGIF) is an insurtech (insurance+technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We are transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
For more information, visit: www.InsuraGuest.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive in the business owner policy sector, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
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SOURCE: InsuraGuest Technologies Inc.
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