Hire Technologies Provides Update on Restructuring Process

TORONTO, ON / ACCESSWIRE / September 14, 2023 / HIRE Technologies Inc. (TSXV:HIRE.V) (OTC PINK:HIRRF) ("HIRE" or the "Company") today shares an update on its restructuring progress. Following the recent divestiture of its Provision business unit, as shared in our September 8, 2023, news release, the Company confirms utilizing the accrued proceeds to satisfy its primary senior secured creditor in full while also allocating $2,000,000 towards another senior creditor, leaving an outstanding balance of $357,267. The remaining funds have been allocated to support ongoing operational expenses.

In a strategic move preceding the Provision deal's conclusion, the Company divested all operational assets of its Kavan Group business unit for an undisclosed sum, classified as an Exempt Disposition per the TSX Venture Exchange's protocols. After these key divestitures, HIRE's active business portfolio comprises:

• PTC Accounting and Finance
• Pulsify
• Leaders International

HIRE remains proactive in exploring further divestitures, aiming to alleviate its liability footprint while bolstering its financial position.

In the wake of the Kavin and Provision unit sales, the Company has successfully negotiated a transition plan for its interim CEO and CFO, Simon Dealy. Despite Mr. Dealy's recent exit from the board, he has committed to retaining his interim CEO and CFO positions on a scaled-back basis, operating under an independent contractor framework through December 31, 2023. Post Mr. Dealy's board departure, the board now consists of three members.

The Company also announces that on July 31, 2023, holders of a sufficient amount of outstanding principal of its series of 9% convertible unsecured subordinated debentures, which were issued by way of private placement pursuant to a trust indenture dated August 21, 2020, requisitioned the trustee to waive certain events of default under the indenture, such that the principal amount and interest owing to the holders of the debentures are payable by the Company on or before January 31, 2024, instead of the original maturity date of July 31, 2023.

The Company continues to work with its auditor toward completing its 2022 audited annual consolidated financial statements. Following completion of these statements and interim consolidated financial statements for subsequent quarterly periods, the Company intends to seek a revocation of the current Cease Trade Order issued against the Company.