Globalive Technology will issue common shares to its Chief
Executive Officer in satisfaction of his quarterly salary for the
period from October 1, 2019 to
December 31, 2019.
TORONTO, Jan. 2, 2020 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company focused on
developing innovative payment, billing and credit solutions for
consumers and businesses, intends to issue common shares to its
Chief Executive Officer in satisfaction of his net salary for
services rendered during the period from October 1, 2019 to December 31, 2019 (the "Payment Period"). The
arrangement, which was approved by the shareholders of the Company
at its annual general meeting on June 20,
2019, is one of several capital preserving initiatives the
Company has undertaken while it continues to work on previously
disclosed initiatives.
The Company has reserved a total of 1,590,910 common shares to
be used for the purpose of paying the Chief Executive Officer's net
salary quarterly, in arrears, during the period from July 1, 2020 to June 30,
2021. The Company previously issued 631,023 common shares to
the Chief Executive Officer on October 1,
2019 in settlement of his net salary for the preceding
quarter, leaving 959,887 common shares reserved for satisfying
future salary entitlements.
The Chief Executive Officer's net salary for the Payment Period
was $44,171.67, which will be paid by
issuing 490,796 common shares of the Company at the closing price
of such shares on the last day of the Payment Period ($0.09/share). Any resale of such shares will be
subject to the limitations applicable to a control person,
including that he has held the shares for at least four months
until May 3, 2020. In connection with
the issuance, the Company has paid all associated fees to the TSX
Venture Exchange (the "Exchange").
The issuance of the shares remains subject to final approval by
the Exchange.
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, with a particular focus on
delivering innovative payment, billing and credit solutions.
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 payment of its Chief Executive
Officer's net salary, quarterly in arrears in common shares of the
Company. Such forward-looking statements are identified by terms
such as "will" 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 delays
or an inability to obtain necessary approvals to issue the common
shares to the Chief Executive Officer on a timely basis,
difficulties or disagreements over the calculation of the Chief
Executive Officer's net salary for the Payment Period, new
information about the performance of the Company or its management
during the Payment Period, 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 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 Globalive Technology
