MONTREAL, June 25, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V: MOS), a global Fintech company is pleased to announce the election of its board of director pursuant to the annual general and special meeting of shareholders (“AGM”) held on June 21, 2019.
The shareholders re-elected Vincent Hogue, Allan Rosenhek and Jacques Côté to the Board of Directors and newly elected Marcel Vienneau and Louis Bélanger-Martin. The election of Marcel Vienneau and Louis Bélanger-Martin to the Board of Directors is subject to the review of the TSX venture Exchange (the “Exchange”). At the AGM, the shareholders also approved a resolution re-appointing Raymond Chabot Grant Thornton, chartered accountants, as auditors of the Company. The Company stock option plan (the “Stock Option Plan”) was also approved at the AGM.
The Company also announces the re-appointment of its current senior officer team, consisting of:
| Marcel Vienneau | Chief Executive Officer |
| Allan Rosenhek | Chief Financial Officer |
| David Beauchemin | Chief Technology Officer |
Vincent Hogue was named Chairman of the Board of Directors.
Marcel Vienneau, CEO of MOBI724 said: “We are very glad to welcome Mr. Louis Bélanger-Martin to join the Board of Directors. He has a wealth of expertise in scaling up technology companies globally, he has been a firm supporter of our vision and growth strategy, and he is a significant shareholder. We congratulate Mr. Vincent Hogue on his appointment as the Chairman of the Board of Directors. We look forward to generating value to our shareholders from the Board restructuring. On behalf of the Company’s shareholders, employees, officer and directors, I would like to extend our sincere gratitude to the outgoing directors in appreciation of their contribution.”
About Louis Bélanger-Martin:
Mr. Bélanger-Martin brings more than 20 years of executive experience in leading the substantial growth of highly successful multi-million-dollar companies. As a visionary leader, Louis has co-founded, led and successfully evolved DTI Software from a start-up company to a global leader providing games, GUI and software application to the inflight entertainment industry. Throughout his career, Louis has implemented strategic plans resulting in cost optimization, increased revenues, mergers & acquisitions, elevated efficiency and integration of subsidiaries. Louis received his Bachelor of Business Administration from the University of Quebec. He is a Canadian Chartered Professional Accountant and was honored with the Performance Entrepreneur Award by Université du Québec in Montréal. In addition, he is the Co-founder of Groupe W and involved as Board Member and Investment Committee Member.
Conversion of Debt to Shares:
The shareholders did not approve a resolution to convert an amount of $50,000, as debt forgiveness related to unpaid bonuses of $25,000 respectively owed to both a former employee and a former consultant of I.Q. 7/24 Inc., into common shares.
Grant of Options:
The Company further announces that on June 21, 2019 it granted an aggregate total of 9,382,777 stock options under its Stock Option Plan, 7,712,324 of which were granted to its officers, employees and consultants and 1,670,453 options to three (3) of the five (5) members of the board of directors as Allan Rosenhek and Marcel Vienneau will not be receiving the options which were to be allocated to them as board members. All options granted shall expire on June 21, 2022 (the “Expiry Date”).
The options granted to the directors have an exercise price of $ 0.055 and shall vest immediately upon the market price of the common shares of the Company attaining $0.10 at any time prior to June 30, 2020. All the options granted to officers, employees and consultants have an exercise price of $0.08 and shall vest in the following manner: (i) one sixth (1/6) immediately upon grant, one sixth (1/6) twelve months from grant and one sixth (1/6) twenty-four months from grant (ii) the remaining three sixth (3/6 which is fifty percent (50%)) shall vest immediately upon the market price of the common shares of the Company attaining $0.10 at any time prior June 30, 2020.
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Payment Card-linked, Digital Marketing and Business Intelligence Solutions, which work with any payment card, on any mobile device and at any Point of Sale; and a mobile EMV compliant payment platform. MOBI724 provides turn-key solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific.
Legal Disclaimer
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
Investor Relations:
Mr. Marcel Vienneau
MOBI724 Global Solutions Inc.
Chief Executive Officer
T: 514-394-5200; Email: marcel.vienneau@mobi724.com