(TSXV: PGV)
TORONTO, June 9, 2020 /CNW/ - Prodigy Ventures Inc. (TSXV:
PGV) ("Prodigy" or the "Company") today announced that it has
amended its option plan to reduce the number of options that may be
issuable under such plan. The option plan is a rolling plan
and allows for a number of options equal to 10% of the issued and
outstanding common shares to be issued thereunder. Given that
the Company converted all of its previously outstanding restricted
voting shares into common shares last year there are now
approximately 116,678,820 common shares outstanding such that with
the current plan the Company would be able to issue up to
approximately 11,667,882 options. Since the Company currently
has only 772,500 options outstanding the 10% limit is far more than
what management anticipates will be required. As a result,
the board of directors has reduced the number of options issuable
under the option plan to 3% of the issued and outstanding common
shares.
The Company is also announcing today that the board of directors
of the Company has decided to temporarily suspend the Company's
quarterly dividend. Although the Company has been adapting
well to the disruptions caused by the COVID-19 pandemic, management
believes that due to the potential business uncertainty relating to
COVID-19, it is in the best interest of the Company to conserve its
cash resources. The Company's board of directors will continue to
review the dividend quarterly.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company develops
software and services with emerging technologies for digital
transformation, identity and payments. Digital transformation
services include strategy, architecture, design, project
management, agile development, quality engineering and staff
augmentation. Prodigy has been recognized as one
of Canada's fastest growing companies with multiple
awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016,
2017, 2018), Branham 300 (2017, 2018), Growth 500 (2018 and 2019),
Canada's Top Growing Companies
(2019).
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Forward looking statements in this press release
include statements regarding the impact of COVID-19 on the
Company's business and the Company's ongoing review of its
quarterly Dividend. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, and that information obtained from
third party sources is reliable, they can give no assurance that
those expectations will prove to have been correct. Readers are
cautioned not to place undue reliance on forward-looking statements
included in this document, as there can be no assurance that the
plans, intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in the Company's
Management's Discussion and Analysis for the three months ended
March 31, 2020, a copy of which is
filed on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as exhaustive. These
statements are made as at the date hereof and unless otherwise
required by law, the Company does not intend, or assume any
obligation, to update these forward-looking statements.
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 Prodigy Ventures Inc.