BnSellit Technology Inc. provides an operations update and announces the second closing of a private placement

Calgary, Alberta–(Newsfile Corp. – July 4, 2022) – BnSellit Technology Inc. (CSE: BNSL) (“BnSellit” or “corporation”) is pleased to announce that it has completed and released the full Enterprise HOTEL platform, which was in beta testing in Q1 and Q2 2022. The Enterprise Hotel platform now includes automated cleaning, maintenance and service requests, hotel concierge-managed services, basic information access, hotel amenity details, express room check-out, guest-to-staff communication and self-service point of sale. These features are in addition to the original BnSellit Experiences, selling and renting goods and services to guests.

BnSellit also announced its 6-month risk-free trial offer for hotels, providing full access to the complete enterprise hotel platform for free with an option to cancel at the end of the trial period. BnSellit added 22 new hotels, bringing the total number of hotels to 39, representing 4,622 rooms, after the launch of the Complete Enterprise Hotel Platform in early June 2022 with the risk-free trial offer.

Hotels can now offer their guests a full range of guest service options in over 14 languages ​​using any mobile device, tablet or computer by simply scanning QR codes placed in rooms and throughout the hotel. There are no apps to download or install.

“Domestic leisure travel returns to pre-pandemic levels in 2022, which is great news for hotel operators. However, the pandemic has created serious staffing problems at many hotels catering to domestic leisure tourists. Providing the best guest experience remains the most important issue facing hotel operators. Many are looking for technology to help them deal with their staffing issues, technology that can replace many of the tasks performed by hotel staff while maintaining the highest level of service. We are extremely excited to see a high level of interest from hotels of all sizes and expect hotel sign-ups and room numbers to accelerate in the coming months.” – Tony Comparelli

In addition to transaction fees earned on sales, rental and experience bookings, BnSellit will charge monthly subscription fees to hotels that access the Full Enterprise Platform, starting at $99 per month per hotel.

Announcement of the Second Closing of the Private Placement

The Corporation is also pleased to announce that it has completed the second tranche of $136,000 principal amount of unsecured convertible notes (“Convertible bonds“) to date, for an aggregate amount of $236,000 to a price of $1,000 per principal amount of the Convertible Notes (“Offering“).

The convertible bonds bear interest from the closing date at 10% per annum, payable monthly in arrears on 30th day of each calendar month beginning on July 30, 2022. The maturity of the convertible bonds is 18 months from the date of issue (“Maturity date“). The Convertible Notes are convertible at the option of the holders into Class A Common Stock of the Corporation (“Shares“) at a conversion price of $0.25 per share (“Cost per conversion“) at any time before the close of business on the Maturity Date.

If the volume-weighted average price of the Shares on the Canadian Stock Exchange (“CSE“) for 10 consecutive trading days equal to or exceeding $0.60, the Corporation may force conversion of the entire principal amount of the Convertible Notes at the Conversion Price upon giving the holders of the Convertible Notes 15 days’ prior written notice, in accordance with to convert.

The securities issued in the aggregate principal amount of $46,000 and $90,000 pursuant to the Offering are subject to the applicable statutory hold period ending on October 31, 2022 and November 5, 2022, respectively. The Offering is subject to CSE approval.

For further information, please contact:

Antonio Comparelli, CEO
Email: [email protected]
Phone: 416-720-8677

Corey Heerensperger, Chief Financial Officer
Email: [email protected]
Phone: 403-630-2779

Neither the CSE nor its Regulation Service Provider (as that term is defined in the CSE Rules) accepts responsibility for the adequacy or accuracy of this communication.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/129955

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