08:40 AM EDT, 10/10/2024 (MT Newswires) -- Reklaim ( MYIDF ) said Thursday that it reduced its outstanding debt by about 11%.

Reclaim, which provides compliant data to Fortune 500 brands, platforms and data companies, said it agreed to cover $100,000 owed to a non-arms length creditor through the issuance of 1,111,111 common shares at a deemed price of $0.09 per share.

The company made the debt conversion following of a strong year where it maintained profitability and achieved positive EBITDA of $154,290 for the second quarter.

Meanwhile, Reklaim ( MYIDF ) announced the appointment of Stuart Pasternak as CFO, succeeding Dean Wood.

The company said Pasternak has over 30 years of expertise in financial and strategic planning, as well as corporate and risk management, across both public and private sectors.