C05142-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jun 30, 2023
2. SEC Identification Number
A200117708
3. BIR Tax Identification No.
219-934-330-000
4. Exact name of issuer as specified in its charter
Xurpas Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Unit 804 Antel 2000 Corporate Center, 121 Valero St., Salcedo Village, Makati City Postal Code 1227
8. Issuer's telephone number, including area code
(632) 8889-6467
9. Former name or former address, if changed since last report
Not applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 2,054,615,059
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Xurpas Inc.X

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Xurpas Approves Conversion of Shareholder Advances to Equity
Background/Description of the Disclosure

On June 30, 2023, Xurpas Inc (X) announced that its founders Nico Jose Nolledo and Fernando Jude Garcia will be converting Php136 million worth of shareholder advances into equity.

The final Conversion Price shall be determined within 30 days, subject to certain conditions, mainly that (a) the conversion price shall be above market price; and (b) that the conversion price shall be supported by a Fairness Opinion from a qualified third party authority.

Mister Nolledo and Mister Garcia provided the company with the advances between the years 2017 to 2019, to provide Xurpas with capital to fund the company’s pivot towards the enterprise market. The conversion of substantially all of the two founders’ advances to equity improves and strengthens Xurpas’ balance sheet, and reflects the founders’ confidence in the Corporation’s ability to further expand its business. “We have shown steady progress since we shifted our focus to the enterprise segment, and now have distinct products and services catering to customers both in the Philippines and increasingly, overseas,” said Fernando Jude “Andy” Garcia, one of Xurpas’ founders, and currently the company’s CTO. “We continue to grow not only our core software development and IT staff augmentation businesses, but have introduced pre-packaged business solutions for SME’s, and will be offering AI consulting and development services to local companies as well,” concluded Garcia.
Other Relevant Information

The Company will submit an application with the Securities and Exchange Commission to confirm the foregoing transaction by securing a confirmation of valuation. The listing of the shares will also be subject to an application with the Philippine Stock Exchange.
Filed on behalf by:
Name Mark Gorriceta
Designation Assistant Chief Information Officer