Reklaim Announces Appointment of Former CFO as a Director
Andrew Elinesky, Former CFO of Reklaim, joins the board of directors to help provide additional capital markets experience during Company's growth stage.
New York, New York--(Newsfile Corp. - September 7, 2022) - Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), the destination for consumers to access and reclaim their data, announces that it has appointed Andrew Elinesky CPA, CGA, and FCCA (UK) as an additional director of the Company, effective September 1, 2022. Mr. Elinesky will hold the position of director until the Company's next annual general meeting, where he will stand for election by shareholders. As a result, the Company's board of directors (the "Board") now consists of six members, of which three are independent.
Mr. Elinesky is the former Chief Financial Officer of the Company and has operated in the capital markets and finance industry for over 20 years. Mr. Elinesky brings extensive experience leading corporate strategy and financial management for NYSE and TSX listed organizations, including capital investment, multi-million-dollar debt, and equity financings, asset acquisitions, and company mergers and acquisitions.
"Andrew's extensive capital markets and financial experience was a key asset for the Company in the past and will be valuable during Reklaim's next growth phase," said Neil Sweeney, Reklaim's Chairman, and CEO. "His intimate understanding of the nature of our business combined with his contacts across multiple industries will be an enormous help to our other board members, our shareholders, as well as me as we look to accelerate the growth of Reklaim."
In connection with his appointment, the Company has granted Mr. Elinesky stock options to purchase up to an aggregate of 30,000 common shares (the "Options") under the Company's 10% rolling stock option plan (the "Option Plan"). The Options vest quarterly for twelve months and are exercisable until September 1, 2027, at an exercise price of $0.08 per share. My Elinesky was granted these options in place of a monthly cash stipend. The appointment of Mr. Elinesky to the Board and the issuance of the Options remain subject to the approval of the TSX Venture Exchange (the "TSXV").
The Company also announces that it has granted, effective as of September 1, 2022, stock options to purchase 60,000 common shares of the Company (the "Director Options") to each of the other directors of the Company. The Director Options vest quarterly for twelve months and are exercisable until September 1, 2027, at an exercise price of $0.08 per share. Each director has agreed to accept options in the company versus a monthly cash distribution. The difference in the number of options granted to existing directors is due to no new options being issued to the directors for the past two years. The Options are subject to the terms of the Company's 10% rolling stock option plan and the approval and requirements of the TSX Venture Exchange (the "TSXV"). Including this issuance, the Company currently has options to purchase 7,637,089 common shares outstanding, representing approximately 8.24% of the Company's issued and outstanding common shares.
About Reklaim Ltd.
Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com.
For further information, please contact:
Ira Levy, CFO
Sean Peasgood, Sophic Capital
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.
Forward-Looking and Other Cautionary Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving several risks and uncertainties and are not guarantees of the company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include but are not limited to: the TSXV may not approve the appointment of Mr. Andrew Elinesky to the Board; the TSXV may not approve the grant of the Options or the Director Options; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
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