Turnium Technology Group Inc. Grants Incentive Stock Options
Turnium Technology Group grants 1,150,000 incentive stock options to directors and an investor relations consultant
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2022) - Turnium Technology Group Inc. (TSXV: TTGI) ("Turnium" or "the Company"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), announces that it has granted 1,150,000 five-year incentive stock options to acquire common shares of the Company at a price of $0.56 per share.
The Company granted to three directors 950,000 stock options of which 900,000 stock options vest in equal monthly instalments over three years, and 50,000 stock options are fully vested. The remaining 200,000 stock options are granted to the Company's investor relations consultant, a principal of Venture North Capital Inc., and vest in equal monthly instalments over one year.
Under the Company's Fixed Option Plan (the "Plan") it may grant up to 13,708,016 options to acquire common shares. After the grant of options set out above, there will be 3,956,947 incentive stock options available under the Plan.
The grant of options is subject to approval of the TSX Venture Exchange.
About Turnium Technology Group Inc.
Turnium Technology Group, Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small-medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the Company may terminate and not proceed with the Agreement, or that the Agreement and associated transactions will not be successfully completed for any reason (including failure to obtain the required acceptance from the TSX Venture Exchange). The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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