TORONTO and BEIT SHEAN, Israel, June 29,
2021 /CNW/ - K.B. Recycling Industries Ltd., conducting
business as Alkemy (www.alkemy.solutions) ("Alkemy" or, the
"Company"), (TSXV: AKMY) (TSXV: AKMY.WT) a leading
environmental technology company, announces it has granted
2,756,264 restricted share units to Amichai Krupik (Founder,
Technology & Innovation). Each restricted share unit represents
the right to receive one Ordinary Share (the "Restricted Share
Units"), subject to certain vesting conditions, in accordance
with the terms of the Company's 2020 Global Equity Incentive
Plan and the Israeli Addendum thereto as well as ratification by
the shareholders and the upcoming annual and special meeting of
shareholders of the Company.
The Restricted Share Units will vest into Ordinary Shares,
subject to Mr. Krupik's continuing to be an employee of the
Company, as to: (i) 1,378,132 Restricted Share Units upon an
operational manufacturing site being established by the Company
outside of Israel within five
years from the date of the grant; and (ii) 1,378,132 Restricted
Share Units upon a second operational manufacturing site being
established outside of Israel
within five years from the date of the grant.
The Company also wishes to correct certain disclosure in its
press release dated June 4, 2021
respecting the closing of its latest private placement. The
press release incorrectly refers to a number of 2,168,964 units
having been issued. The correct number of units issued was
4,337,928. All other information in the press release is
accurate.
About Alkemy (K.B. Recycling Industries Ltd.)
Alkemy
is an environmental technology company based in Israel that has developed a unique plastic
recycling process for plastic bags and sheets traditionally not
considered economically viable for recycling, and as such, have
become one of the largest plastic pollutants in the world. Alkemy
employs a dynamic one-step process that does not require separate
recycling and production plants. Alkemy's process includes both
recycling and finished product manufacturing in a single process
called "waste-to-product", allowing Alkemy to reduce the cost of
the recycled plastic as raw materials, and increase the profit
margin per metric ton.
Forward-Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information may relate to the Company's future
financial outlook and anticipated events or results and may include
information regarding the Company's financial position, business
strategy, growth strategies, addressable markets, budgets,
operations, financial results, taxes, dividend policy, plans and
objectives. Particularly, information regarding the Company's
expectations of future results, performance, achievements,
prospects or opportunities or the markets in which the Company
operates is forward-looking information. In some cases,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "targets", "expects",
"budgets", "scheduled", "estimates", "outlook", "forecasts",
"projects", "prospects", "strategy", "intends", "anticipates",
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", or "will" occur. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events or
circumstances.
Forward-looking information is necessarily based on a number of
opinions, estimates and assumptions that, while considered by the
Company to be appropriate and reasonable as of the date of this
press release, are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information, including but not limited to, risks
and uncertainties associated with market conditions and the
satisfaction of all applicable regulatory requirements, as well as
risks and uncertainties associated with the Company's business.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in such forward-looking
information. The opinions, estimates or assumptions referred to
above and the risk factors described in the "Risk Factors" section
of the Management's Discussion and Analysis of the Company dated
April 30, 2021 should be considered
carefully.
Although the Company has attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to the Company that could also
cause actual results or future events to differ materially from
those expressed in such forward-looking information. 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 information. Accordingly, readers should not
place undue reliance on forward-looking information,. The Company
disclaims any intention or obligation or undertaking to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE K.B. Recycling Industries Ltd.