(TheNewswire)

Windfall Geotek Inc.

DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Brossard, Quebec - TheNewswire - November 27, 2024 – Windfall Geotek (CSE: WIN, OTCQB: WINKF, FSE: L7C2) (the “Company” or “Winfall Geotek”) is pleased to provide a business update to stakeholders.

David Beck, Chairman & CEO, stated, “I thought it would helpful to share our progress and plans as it’s been over 2 months since my last business update.  Key topics include:  

  • Strategic Direction. With the exhaustive transition from the TSXV to CSE behind us, we have spent the last several months focused on building a go-forward strategy.  In general, the strategy would be described as growth through acquisition strategy leveraging our AI technology, and public market currency.  Over the next couple weeks, we hope to complete a Letter of Intent (“LOI”) with an AI technology solutions provider with geo-expertise, and a complimentary proprietary AI platform used for mining exploration.     

 

  • New Business. While are currently actively engaged with close to 10 business opportunities, we have yet to close any new business since July (note – we have been unable to press release details regarding this $100,000 July project).  This is highly disappointing situation, and, for the purpose of cost management, I’ve addressed it below. 

 

  • AI Platform. To support the above business pipeline, our geology and data science team has been exploring several innovative improvements and enhancements to our AI platform.  Specifically, in expectation of closing on customers in this pipeline, we have and continue to process massive amounts of appropriate and valuable public data, particularly in Chicoutimi, Quebec.  We expect to have these efforts yield immediate for our customers.  Finally, we now have in place an IT expert assessing our platform quality, and building required redundancy.  Further development will be project based.    

 

  • Cost Management.  We recognize the need to operate with cash flow positive results. Without the revenue as expected, we are planning further cost reductions.   Michel Fontaine, Founder Head of Sales, and myself represent the two largest expense items for the company.  As such, the Board of Directors is currently exploring options to eliminate the cash element of our compensation effective January 1, 2025.    

 

Please join us for our Annual General Meeting December 20th at 11:00AM.”

 

About Windfall Geotek

Windfall Geotek Inc. is an exploration mining company, which utilizes its proprietary AI (artificial intelligence) technology platform to establish a competitive advantage in the identification, selection, and development of prospective exploration mining opportunities. Since the time of incorporation, the principal business carried on by the Company has been the acquisition, exploration, and development of mineral properties.  To assist with the assessment of, and funding in properties, the Company has utilized its platform for the acquisition mineral exploration claims, and the investment in exploration mining companies. Management believes that this platform also enables the Company to diversify risk, and obtain an alternate source of funding through the sale of its AI solutions services through which the Company has been generating revenue.

 

For further information, please visit:

https://www.windfallgeotek.com

 

or contact:

 

David Beck

CEO & Chairman

david@windfallgeotek.com

 

Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

 

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

  

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