Waterloo Brewing Ltd.

09:58 AM EST - Waterloo Brewing Ltd. : Has reached a settlement agreement with the creditor impacted by the previously announced social engineering cyberattack against the Company that occurred in November 2019. Pursuant to the settlement agreement, the Company has agreed to pay the creditor $1,163,600, being half of the amount that was originally payable to such creditor and half of the proceeds of the Company's insurance claim in respect of the incident. The Company previously recorded a net loss on the misappropriation of funds in the amount of $1,869,595 in connection with this cyberattack. Accordingly, the Company will record a gain on misappropriated funds of approximately $900,000 in the second quarter of fiscal 2022. Waterloo Brewing Ltd.
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