Mobi724 Announces Results of 2019 AGM
Montreal, Quebec--(Newsfile Corp. - December 22, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces that the following items were voted and approved at the annual general meeting of the shareholders ("AGM") held on December 17, 2020.
The shareholders re-elected Louis Bélanger-Martin, Jacques Côté, Vincent Hogue, Allan Rosenhek and Marcel Vienneau to the board of directors; approved the Company's performance-based stock option plan (the "Option Plan"); and reappointed Raymond Chabot Grant Thornton, chartered accountants, as auditors of the Company.
Vincent Hogue has been named Chairman of the Board of Directors and Jacques Côté was named Chairman of the Audit Committee.
Highlights of the Grant of Performance-based Options:
The Company further announces that on December 21, 2020 its Board granted an aggregate total of 13,775,675 stock options under its Stock Option Plan, 7,859,010 of which were granted to its officers, employees and consultants and 5,916,665 options to four (4) of the five (5) members of the board of directors as Marcel Vienneau will not be receiving the options which were to be allocated to him as a board member and, instead, will receive options allocated to him as the CEO. All options granted shall expire on December 17, 2023.
The options granted to the directors have an exercise price of $0.05 and shall vest immediately upon the market price of the common shares of the Company attaining $0.055 at any time prior to December 31, 2021 failing which said options shall expire immediately.
All options granted to officers, employees and consultants have an exercise price of $0.075. The options granted to officers, senior management and certain consultants shall vest immediately upon the market price of the common shares of the Company attaining $0.09 at any time prior to December 31, 2021 failing which said options shall expire immediately. The options granted to non-managerial employees and certain consultants shall vest in the following manner: (i) one sixth (1/6) immediately upon the grant, one sixth (1/6) twelve months from the grant and one sixth (1/6) twenty-four months from the grant (ii) the remaining three sixth (3/6), namely the remaining fifty percent (50%), shall vest immediately upon the market price of the common shares of the Company attaining $0.09 at any time prior December 31, 2021 failing which said options shall expire immediately.
Shareholders are invited to familiarize themselves with the details of the Options Plan available on SEDAR.
Marcel Vienneau, CEO of Mobi724 said: "The team is focused on accelerating Mobi724's recovery following COVID-19-triggered contraction, and are expecting gradual increase in quarterly revenues. Our updated business plan targets an objective to achieve cash flow positive status by the end of 2021."
About Mobi724 Global Solutions Inc.
"Every Transaction is an Opportunity"
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
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 Coordinator
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70762