Pool Safe Inc. announced it has concluded an agreement (the "Amendment") with Intrexa Ltd. (the "Lender"), to amend the parties' credit agreement (the "Credit Agreement"), by increasing the line of credit (the "Credit Facility") to $3.5 million from the current $1 million. The Agreement is at a decreased interest rate of 8% annually from 10% and includes a multi-year term extension. The Credit Agreement, previously announced on April 2, 2019, enabled the Company to access its working capital needs, allowing it to accelerate growth of the Pool Safe product ("PoolSafe Product").

The Agreement provides, among other things, that: (i) the maximum commitment amount under the Credit Agreement would be increased to $3,500,000, (ii) the interest payable by the Company under the Credit Agreement would be bear interest at the rate equal to 8% per annum, (iii) the termination date of the Credit Agreement would be extended to May 31, 2025 (the "Termination Date"), and (iv) the expiry date of the 3,000,000 bonus warrants (the "Bonus Warrants") that were issued by the Company to the Lender as per the Credit Agreement would be extended from March 31, 2023, to the earlier of (a) five years and (b) the term of the Credit Agreement. The Amendment is subject to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the "Exchange").