Interlapse Announces Shareholder Approval for LQwD Financial Corp. Acquisition

VANCOUVER, BC, May 25, 2021 /CNW/ - Interlapse Technologies Corp. (TSXV: INLA) (OTCQB: INLAF) announces that all of the matters pertaining to its annual general and special meeting of shareholders (the "Meeting") held in Vancouver, B.C. on May 24, 2021 were approved. Namely, 99.93% of shares represented at the Meeting voted in favour of the proposed acquisition of LQwD Financial Corp. (the "Transaction").

LQwD Financial Corp. is a Canadian based company developing software, which enables the setup of nodes and payment channels on the Bitcoin Lightning Network.  The Lightning Network is a layer-two technology that dramatically improves bitcoin's scalability, transaction fees and settlement times.

Election of Directors

All five (5) of the nominees listed in Interlapse's management information circular dated April 22, 2021 that were proposed by management for election to the board of directors at the Meeting were duly elected. It is expected that certain members of the board will be replaced following completion of the Transaction.

The results of the vote on the election of the directors at the Meeting are as follows:

Nominee	For	% For	Withheld	% Withheld
Wayne Chen	17,181,092	99.88	20,896	0.12
Giuseppe (Pino) Perone	17,180,024	99.87	21,964	0.13
John Vaccaro	17,190,032	99.93	11,956	0.07
Ashley Garnot	17,120,020	99.52	81,968	0.48
David Loretto	17,190,032	99.93	11,956	0.07

Appointment of Auditors

Shareholders reappointed De Visser Gray LLP as auditors of the Company. It is expected that Manning Elliott LLP will be appointed auditors following completion of the Transaction.

Approval of Stock Option Plan

The Company's incentive stock option plan, and amendments thereto, were approved by shareholders with 99.92% of shares represented at the Meeting voting in favour. In this regard, the Company has granted 1,000,000 stock options exercisable for a period of five years at a price of C$0.65 per share to various directors and officers who will remain with the Company following the completion of the Transaction, which will be subject to deferred vesting over two (2) years.

About Interlapse Technologies Corp.

Interlapse Technologies Corp. is a financial technology applications company accelerating the global mega-trend of virtual currency adoption. Interlapse currently has 31,266,521 shares outstanding (37,077,401 fully diluted).

To learn more, visit www.interlapse.com.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws, including but not limited to statements relating to the Meeting. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

SOURCE Interlapse Technologies Corp.

Ashley Garnot, Corporate Development, Phone: [phone], Email: [email protected], Website: www.interlapse.com

Related Links

https://interlapse.com