04:14 PM EDT, 07/12/2024 (MT Newswires) -- ARCpoint ( ARCPF ) said Friday it entered into a debt settlement agreement with a director of the company to settle an outstanding debt of $153,565 from a loan made to a company subsidiary.

The loan was made on June 12,, in the principal amount of $152,296 and carries an interest rate of 10% per annum.

The company agreed to issue 1.3 million Class A subordinate voting shares at deemed a price of $0.11 per share in to satisfy the debt.

ARCpoint ( ARCPF ) is a U.S.-based franchise system that leverages technology along with brick-and-mortar locations to give businesses and individual consumers access to convenient, cost-effective healthcare information and solutions.