Datametrex Reduces Senior Executives Compensation
November 18 2019 - 12:36PM
Datametrex AI Limited (the
“
Company” or “
Datametrex”)
(
TSXV: DM, FSE: D4G) is pleased to announce that
the Senior Management including; Andrew Ryu, Jeffrey Stevens and
Steve Kang have voluntarily agreed to reduce their compensation by
approximately 40% effective immediately. The Company also completed
the integration of back office functions of Nexalogy. As a result,
the Company has cut down the number of staff and office space as a
part of its cost saving strategy.
“Our goal is to grow the business and share
price organically rather than doing a share consolidation. The
entire team is aligned with our shareholders in getting the Company
back on track,” says Marshall Gunter, CEO of the Company.
The Company is also pleased to announce completion of it’s
annual and special meeting. At the meeting, Andrew Ryu,
Charles Schade, Janeen Stodulski, David Ellison and John McMullen
were elected as directors of the Company and KPMG were appointed as
auditors for the Company. Additionally, the Company’s 10%
rolling stock option plan was re-approved and confirmed and
shareholders passed a special resolution to change the name of the
Company from Datametrex AI Limited to Nexalogy AI Limited as well
as a share consolidation plan of up to 8 to 1.
The Company’s name will not be changed until the Company files
articles of amendment and obtains the necessary regulatory
approvals. While the resolution gives discretion to the
Company’s board and management to effect the share consolidation,
no decision has been made by the Company to complete the
consolidation or what the consolidation ratio will be. If and
when the Company decides to implement the share consolidation, a
further press release will be disseminated with the details of the
share consolidation.
About Datametrex
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com).
For further information, please
contact:
Jeff Stevens - PresidentPhone: 647-777-7974Email:
jstevens@datametrex.com
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of applicable securities
laws. All statements contained herein that are not clearly
historical in nature may constitute forward-looking information. In
some cases, forward-looking information can be identified by words
or phrases such as “may”, “will”, “expect”, “likely”, “should”,
“would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”,
“estimate”, “believe” or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions “may” or “will”
happen, or by discussions of strategy.
Readers are cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking information. The
forward-looking information contained herein is made as of the date
of this press release and is based on the beliefs, estimates,
expectations and opinions of management on the date such
forward-looking information is made. The Company undertakes no
obligation to update or revise any forward-looking information,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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