OTC Markets Requests Logiq to Comment on Recent Promotional Activity

NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ) (“Logiq” or “Company”) has received a request from the OTC Markets Group to comment on recent promotional activity related to Logiq’s common stock quoted on the OTC Markets.

On May 1, 2023, Logiq engaged TD Media LLC dba Life Water Media (“Life Water Media”) to provide digital marketing services including but not limited to OmniChannel Programmatic Advertising, SMS & E-mail Marketing, working with an Influencer Network and digital podcasts and other general digital marketing services.

Materials published starting on or around May 8, 2023 by Life Water Media, or its contractors presented a general overview of the Company’s business as well as the Company’s growth potential and its industry. Logiq provided Life Water Media publicly available source information for these materials, reviewed the materials for accuracy and had full editorial control over the materials. Life Water Media properly disclosed that such content was paid for by Logiq, including the amount of cash consideration paid and confirmation that Life Water did not own any Loqiq shares.

On May 8, 2023, Company management was notified by OTC Markets that it was monitoring these promotional activities. After review of said materials, the Company believes that none of the materials published were misleading or false, or included information regarding the Company that had not yet been previously disclosed by the Company in compliance with Regulation FD and related U.S. Securities and Exchange Commission (SEC) reporting requirements. The Company has not determined whether the publication of the materials had a material impact on the trading of the Company’s common stock. The Company had recently released a corporate update pertaining to the Company’s product, its Form 10-K and updates regarding the pending merger transaction.

Upon inquiry of the Company’s management, directors, control persons and third-party service providers, and to the best of the Company’s knowledge, during the past 90 days no such persons executed any transactions of the Company’s securities for purchase or sale of stock, except as to certain purchases and dispositions made by the Company’s President, Brent Suen, as disclosed on Form 4 filed with the SEC on March 17, 2023 and February 21, 2023.