Business
Route1 Announces Agreement for Issuance of Shares for Compensation to Executive Management Team Members
TORONTO, ON / ACCESSWIRE / October 17, 2022 / Route1 Inc . (TSXV:ROI) (the "Company" or "Ro...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Agreement for Issuance of Shares for Compensation to Executive Management Team MembersTORONTO, ON / ACCESSWIRE / October 17, 2022 / Route1 Inc. (TSXV:ROI) (the \"Company\" or \"Route1\"), an advanced North American provider of turn-key engineering and professional services, today announced that it has, subject to the receipt of all required approvals, including the TSX Venture Exchange (\"TSXV\") agreed to issue common shares to Peter Chodos, Executive Vice President and CFO, Jerry Iwanski, Executive Vice President and COO, and Alex Shpurov, Senior Vice President and CTO (the \"Team\") in lieu of cash compensation.The compensation to the Team is per their respective employment agreement, or consulting agreement, for the period August 1, 2022 to October 15, 2022.In aggregate, the Company has agreed to issue 623,368 common shares at a deemed price of CAD $0.085 (the \"Shares\") in lieu of paying CAD $36,454 and US $12,041 in cash compensation to the Team. The USD to CAD exchange rate at market close on October 17, 2022 was 1.3730. The issuance of the Shares is subject to the receipt of all required approvals, including the approval of the TSXV. All securities issued pursuant to the issuance of the Shares are subject to a statutory four month hold period.The issuance of the Shares constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101: Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemption from the valuation requirement of MI 61-101 contained in section 5.5(a) of MI 61-101 as neither the fair market value of the Shares nor the debt exceeds 25% of the Company's market capitalization.Tony Busseri, the Company's President and CEO commented, \"Today's announcement, similar to the Company's announcement on September 19, 2022 where Route1's independent directors and I stepped up to further invest in our Company and take certain of our compensation in Route1 common shares, drives home the point that our leadership team has a strong, shared belief in the Company's current business model and the opportunity deriving from its sales pivot towards turn-key engineering services for clients using video capture technology to deliver real-time, secure actionable intelligence.\"Independent Directors will be Reduced t...