SUNNYVALE, Calif., July 13, 2015 /CNW/ -- LeoNovus® Inc. ("LeoNovus") (TSXV: LTV), a leading Internet developer with its SMART Media Platform and geo-distributed cloud services announces that on June 17, 2015, it granted a total of 1,090,000 options to purchase common shares of the Company to an Officer and employees in accordance with the LeoNovus stock option plan. The options expire (5) five years from the date of grant and will vest over a four (4) year time frame from the date of grant for employees. The grant of options to an officer of the company will vest against achieved milestones set in place by the CEO. Of these options, 1,000,000 were granted to the President of the Company and 90,000 were granted to employees. In consideration and approval of the option grant, the Company's board of directors (the "Board") took note of the fact that the option grants to officers are related party transactions, as defined in "Multilateral Instrument 61-101" Protection of Minority Security Holders in Special Transactions ("MI-61-101") and that it is in the best interests of the Company to grant the options in conjunction with the option grant to employees. The Board determined that the option grants are exempt from the formal valuation and minority approval requirements of MI-61-101 under sections 5.5(a) and 5.7(a) of MI 61-101 respectively.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus® is a publicly traded company on the Toronto exchange with offices in Sunnyvale, CA. and Ottawa, Ontario. The Company has launched an innovative high performance browser-based SMART MEDIA PLATFORM with a remotely managed cloud system that provides HDTVs and other connected devices with unprecedented access to features, content, and functionality over the web. This approach delivers an extremely flexible just-in-time service model to multiple markets including residential, hospitality and health care. Additionally, LeoNovus utilizes its proprietary processing technology to utilize idle processors in hardware systems for purposes of building Intelligent Networks. This allows the Company to offer geo-dispersed cloud services for new revenue streams while reducing costs and increasing performance via distributed networks.
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.
Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Offering. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undo reliance on any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com
SOURCE LeoNovus Inc.
For further information: LeoNovus, T. (408) 541-9400, F. (408) 548-9410, Media@LeoNovus.com, Gordon Campbell, Chief Executive Officer, http://www.LeoNovus.com