ZenaTech Files Early Warning Report Pursuant to National Instrument 61-103

ZenaTech purchased 1,518,126 Boardwalkteck Software shares on the TSXV between August 28 and September 8 at C$0.03 per share, increasing its non-diluted ownership to 25,779,437 shares, or 19.9%. Including warrants from BWLK's July 31 private placement, ZenaTech would hold 40,779,437 shares, or 28.02% on a partially diluted basis, though a blocker prevents warrant exercises that would take ownership above 19.9%.

Analysis

This is more relevant to BWLK’s trading float than to ZENA’s operating value. A strategic holder approaching the ownership cap can reduce effective float and amplify short-term price moves on limited volume, but the blocker also makes a near-term control transaction less likely without a formal restructuring or shareholder approval process. The purchase price is too small relative to ZENA’s broader capital-allocation needs to establish a meaningful earnings or NAV catalyst; treat any sharp BWLK rally as a liquidity event rather than fundamental re-rating absent disclosed commercial contracts, financing terms, or a governance agreement.

For ZENA, the second-order issue is capital discipline: repeated minority investments in thinly traded technology issuers can widen the discount investors apply to its core drone/SaaS strategy if they appear unrelated to measurable operating synergies. Over the next 1-3 months, watch for follow-on filings identifying board rights, related-party arrangements, lockups, or a definitive acquisition proposal. QUBT has no direct economic linkage here; using this development as confirmation of the quantum-computing theme would be a category-error risk, particularly given the sector’s valuation sensitivity to revenue proof points and dilution.

The contrarian view is that the stake may create scarcity-driven upside in BWLK if another investor accumulates shares or if a commercial combination emerges, but the same constrained float raises exit risk materially. Without independently verifiable revenue, cash balance, fully diluted share count, and average daily dollar volume, the risk/reward is not sufficiently measurable for a directional institutional position.

Key Decisions for Investors

• No immediate fundamental trade in ZENA or BWLK; classify BWLK as a corporate-action/liquidity watch item rather than an AI exposure.
• Set an alert for BWLK filings that disclose board representation, a support agreement, tender offer, or ownership above the current blocker threshold; only reassess a long after confirming fully diluted capitalization and at least 20 trading days of executable dollar volume.
• Avoid using QUBT as a sympathy long. Re-enter QUBT only on company-specific revenue, backlog, or financing disclosures; this ownership event does not improve its earnings outlook.
• For existing ZENA holders, monitor the next quarterly filing for investment fair-value marks, cash usage, and any impairment language. A rising allocation to non-core equity stakes without corresponding drone/SaaS revenue traction would be a thesis-negative and a reason to reduce exposure.