TORONTO and BEIT SHEAN,
Israel, May
7, 2021 /CNW/ - K.B. Recycling Industries Ltd., conducting
business as Alkemy ("Alkemy" or, the "Company")
(TSXV: AKMY) (TSXV: AKMY.WT), a leading environmental technology
company based in Israel, announced
today that its Annual and Special Meeting of shareholders (the
"AGM") will be held on July
12, 2021. As COVID-19 restrictions continue to affect
several jurisdictions, the time, format, location and business to
be conducted at the AGM will be communicated at a later date.
The Company also announced that, under the Company's Global
Equity Incentive Plan, the Board of Directors resolved to grant
options to two of its external directors. Each of the
external directors shall be granted 736,516 options to purchase
Ordinary Shares at an exercise price of C$0.33 per share, being the Discounted Market
Price to the Company's Ordinary Shares closing price on the TSX
Venture Exchange on May 6,
2021. The grant is subject to the ratification at the AGM of
their appointment as external directors and their compensation as
set forth in the Director Services Agreements entered into between
the external directors and the Company. Subject to such
ratifications and their continued engagement with the Company,
these options shall vest as to 245,506 options on the first
anniversary of the date of the shareholders' approval and the
remainder of the options will vest in two equal instalments of
245,505 options on each of the second and third anniversaries of
such date.
About K.B. Recycling Industries Ltd.
K.B. Recycling Industries Ltd. is an environmental technology
company based in Israel, and
carries on business under the name "Alkemy". Alkemy has developed a
unique plastic recycling process to recycle 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.
The forward-looking information contained herein includes, but is
not limited to, information related to the completion of the
Offering and the listing of the securities of the Company on the
TSX Venture Exchange.
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 and
finances in general.
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 forward-looking
information. The opinions, estimates or assumptions referred to
above and the risk factors described in the "Risk Factors" section
of the annual 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 or that the Company
presently believes is not material 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, which speaks only as of
the date made. Forward-looking information contained in this press
release represents the Company's expectations as of the date of
this press release (or as of the date they are otherwise stated to
be made), and are subject to change after such date. 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.