Tenet Announces Further Streamlining and Cost Reductions; CFO Leaving Company

Toronto, Ontario–(Newsfile Corp. – May 19, 2023) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), an innovative fintech technology services provider and operator of the Cubeler™ Business Hub, announces today that the Company’s focus continues to be the development of the Business Hub, completing a full review of technology development and viability in the Canadian operations, in addition to streamlining operations, senior management and costs to better reflect the venture the Canadian business represents.

Ms. Penhale, Interim CEO and Chair of the Tenet Board of Directors, stated that “Since April 28, 2023, the Company has reduced monthly expenses initially by approximately 25% with a goal of reaching over a 40% to 50% reduction in the near term. As of today, the Company has further reduced expenses by approximately 10%.”

As part of the Company’s management transition, Jean Landreville has left the Company as Chief Financial Officer, effective immediately. A search for a new CFO is underway.

Penhale concluded: “As we continue to refine the Leadership Team, we expect to be well-prepared to fine-tune Tenet’s strategy and direction going forward. During this recalibration the Board remains committed to establishing better transparency and operational prudence to better position the Company for success.”

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, includes Tenet and all its subsidiaries. Tenet’s subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the 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: http://www.tenetfintech.com

For more information, please contact:

Tenet Fintech Group Inc.

Christina Boyd, Director, Investor Relations
416-428-9954
cboyd@tenetfintech.com

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Forward looking information

Certain statements included in this presentation constitute “forward-looking statements” under Canadian securities law, including statements based on management’s assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its 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 which 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 with respect to that statement, related matters, or any other forward-looking statement.

All amounts are in Canadian dollars unless otherwise indicated.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166745