Ivrnet Inc. Announces Extension to Term Loan and Credit Facility and Amendment to Previously Issued Convertible Debentures

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CALGARY, AB / ACCESSWIRE / March 15, 2023 / IVRNET INC. ("IVRNET" or the "Company") (TSXV:IVI), announces that the Company and R.C. Morris & Company Special Opportunities Fund III Limited Partnership ("RCM"), the lender of the Company's term loan and credit facility (the "Loan"), have agreed to further extend the expiry date of the Loan from March 15, 2023, as previously announced on February 3, 2023, to the earlier of April 15, 2023 or as demanded by RCM. No demand for repayment has been made as of the date of this news release.

As well, the Company and the holder of the previously issued unsecured convertible debentures (the "Debentures") have entered into an agreement to amend the terms of the Debentures to extend the maturity date from March 15, 2023 to April 15, 2023 and to remove the option of the holder of the Debentures to convert the Debentures into common shares of the Company, such that no securities will be issued as payment for the Debentures. All other terms of the Debentures remain the same.

About Ivrnet

Ivrnet is a software and communications company that develops, hosts, sells and supports value‐added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

For further information on Ivrnet, please contact:

Andrew Watts, President and CEO
Suite 1400, 350 - 7th Avenue S.W., Calgary, Alberta T2P 3N9
Tel/fax: 1.800.351.7227
E-mail: investors@ivrnet.com
Website: www.ivrnet.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ivrnet Inc.