SAN FRANCISCO, Feb. 10, 2016 /CNW/ - Frankly Inc. (the "Company") (TSX-V: TLK) a leading content, engagement and monetization platform, today announced amendments to its Equity Incentive Plan, grants of Options to employees, and operational integration.
The Company's Equity Incentive Plan ("Plan") has been amended so that the prior aggregate rolling option and fixed restricted stock unit ("RSU") limits on common shares that could be granted pursuant to Plan awards have been replaced with a fixed total limit of 5,715,105 common shares that may be granted under option and RSU awards. Additionally, the Plan's restriction on award grants to Insiders has been eliminated. The Plan amendments remain subject to final regulatory approval.
On February 10, 2016, the Company issued a total of 2,803,800 options under the amended Plan to Company officers and employees. These option grants have a four-year vesting schedule and an exercise price equal to the greater of (a) the volume-weighted average price of the Company's common shares for the five trading days prior to the grant, or (b) CAD $1.00.
Operational & Management Integration
The Company's Frankly Media and Frankly Platform operations have continued to consolidate under one leadership team, resulting in operational efficiencies, talent synergies and cost reductions. As part of this consolidation, Lou Schwartz, formerly President of Frankly Media, has assumed the title of Chief Operating Officer and Harrison Shih, formerly President of Frankly Platform, has become Chief Product Officer. Mr. Schwartz will oversee sales and marketing, client services and the digital advertising business, while Mr. Shih will oversee product and engineering, each reporting to Steve Chung, Chief Executive Officer.
"We believe these initiatives will help to position Frankly as a technology leader in the media vertical, and focus the business towards revenue growth while ensuring disciplined cost management," said Steve Chung, Founder and CEO, Frankly Inc. "By refocusing our resources and accelerating our integration, we will be better able to deliver a leading platform to existing and new enterprise clients. I am extremely proud of the two teams coming together with the goal of becoming a dominant technology company that enables media companies to efficiently transition to a mobile-first, content-everywhere world."
About Frankly: We build an integrated software platform for brands and media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile, and TV. Our customers include NBC, ABC, CBS and FOX affiliates, as well as top fashion brands, professional sports franchises and global organizations. Collectively, we reach nearly 80 million monthly users in the United States. The Company is publicly traded on the TSX Venture Exchange and trading under ticker "TLK." Frankly is headquartered in San Francisco with major offices in New York. To learn more, please visit www.franklyinc.com or email email@example.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Frankly and their respective businesses. Forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Frankly Inc.
For further information: Conrad Seguin, NATIONAL Equicom, 416.586.1951, firstname.lastname@example.org; or Frankly Inc., Steve Chung, Chief Executive Officer, 415.861.9797