Globalive Technology has approved the grant of restricted
share units to directors, officers and employees of the company
considered to be key participants in the successful negotiation and
implementation of a previously announced reverse takeover
transaction, and has made corresponding amendments to equity
incentives previously granted to those individuals.
TORONTO, Sept. 11, 2020 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company based in
Toronto, Ontario, has approved the
grant of 505,000 restricted share units for common shares of the
Company (the "RSUs") under the Company's 2018 Omnibus Equity
Incentive Compensation Plan (the "Plan"). The RSUs were
granted as an incentive to directors, officers and employees of the
Company (the "Key Participants") considered to have key
roles to play in the successful negotiation and implementation of
the reverse takeover transaction between the Company, Socati Corp.
and Yooma Corp. described in previous press releases dated
June 3, 2020 and July 13, 2020, or any other applicable change of
control event (the "RTO Transaction").
The RSUs are each exchangeable for 1 common share of the
Corporation and will vest on the date the management information
circular in respect of the RTO Transaction is mailed out to
shareholders (the "Mailing Date") or, if the management
information circular has not yet been mailed, in three tranches of
one-third each, with the first vesting on October 31, 2020, the second vesting one year
from the grant date and the final vesting two years from the grant
date.
In connection with RTO Transaction, the Corporation has also
amended the terms of the 60,008 unvested RSUs previously granted to
the Key Participants under the Plan to provide that they too will
vest on the Mailing Date, and has cancelled an aggregate of 63,133
unexercised options for common shares of the Corporation previously
issued to the Key Participants.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and
venture partner developing innovative solutions to disrupt
traditional industries by leveraging artificial intelligence and
machine learning technology stacks. Globalive Technology is
controlled by Globalive Capital Inc., which has founded and
co-founded 12 businesses over the past 20 years with six successful
exits ranging from $10M to $1.3B USD. It has also
made over 100 venture investments and has over 45 technology
companies in its portfolio. For more information,
visit www.globalivetech.com.
For media inquiries:
Rob
Moysey
Communications Manager, Globalive
Media@globalivetech.com
For investor inquiries:
Simon
Lockie
Chief Corporate Officer
1-647-977-2727
InvestorRelations@globalivetech.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements
relating to the Company and the grant of restricted share units
under its 2018 Omnibus Equity Incentive Compensation Plan. Such
forward-looking statements are identified by terms such as "will",
"if" and similar expressions. All statements, other than
statements of historical fact included in this release, including
those noted above, are forward-looking statements that involve
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations include the
departure of RSU recipients from the Company prior to the vesting
of their RSUs, RSU recipients choosing not to deliver a settlement
notice in respect of their RSUs, difficulties or delays closing the
RTO Transaction, and other risks as set out in the Company's Filing
Statement available on its SEDAR page
at www.sedar.com.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of the Company.
The Company cannot guarantee that any of the forward-looking
statements contained in this press release will occur as disclosed
herein or at all. The reader is cautioned not to place undue
reliance on any forward-looking information.
Such information, although considered reasonable by
management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will only
update or revise publicly the included forward-looking statements
as expressly required by Canadian securities law.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Globalive Technology