OTTAWA, Oct 8, 2014 /CNW/ - Ackroo Inc. (TSXV: AKR), a loyalty and rewards technology and services provider, announces that it intends to seek shareholder approval to consolidate its issued and outstanding common shares on the basis of 10 pre-consolidated shares for one post-consolidated share, at a special meeting to be held on November 19, 2014. Management believes that the consolidation is necessary in order to provide the Company with a share capital structure that will better attract additional equity financing.
As of the date hereof Ackroo has 68,917,717 common shares issued and outstanding. After the proposed roll-back the Company would have approximately 6,891,772 common shares issued and outstanding. No fractional post-consolidated shares would be issued and all fractional shares resulting from the consolidation would be rounded down to the nearest whole number and no cash considerations would be paid in respect of any fractional shares. The outstanding 6,891,772 stock options and 14,981,596 warrants would also be adjusted by the consolidation ratio. In addition, shareholders will be asked to approve a re-pricing of all of the Company's currently outstanding stock options based on the market price after the consolidation, subject to a minimum exercise price of $0.05.
The consolidation and re-pricing of stock options are both conditional on shareholder approval being received at the meeting, and to prior approval of the TSX Venture Exchange.
Ackroo provides gift card and loyalty solutions into the $160 billion North American gift card and loyalty market. Their solutions enable businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty programs. Ackroo's web-based solutions provide the power of a massively scalable software platform in a lightweight online tool that works with existing point-of-sale equipment, making it easy and affordable for businesses to launch gift card & loyalty programs that deliver immediate return on investment. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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.
SOURCE: Ackroo Inc.
For further information: John Chapman, Chief Financial Officer, Ackroo, Tel: 613-599-2396 x714, Email: [email protected]