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VANCOUVER, April 13, 2020 /CNW/ - First Responder Technologies Inc. ("First Responder" or the "Company") (CSE: WPN | FWB: 3WK) a developer of WiFi-based technologies to detect and deter mass shooting and terror attacks involving concealed weapons, is pleased to announce the implementation of a rolling restricted share unit plan (the "RSU Plan") and grant of 3,000,000 restricted share units pursuant to the RSU Plan (each, an "RSU").
In order to further align the interests of the Company's senior executives, key employees, directors, and consultants to those of the shareholders of the Company, the Board of Directors has approved the implementation of the RSU Plan. Under the RSU Plan, eligible persons may (at the discretion of the Board) be allocated a number of RSUs as the Board deems appropriate, with vesting provisions also to be determined by the Board. Pursuant to the RSU Plan, the maximum number of RSUs that may be granted, when combined with outstanding stock options and other compensation securities, is 20% of the Company's issued and outstanding common shares as of the time of grant.
"With the adoption of this new plan the Company has added flexibility to attract and retain leading engineering and commercial talent as the Company executes its business plan," said Robert Delamar, CEO.
The Company has granted 3,000,000 RSUs to a senior technical/engineering executive of the Company, with 1/3 of the of the RSUs vesting on December 31, 2021, 1/3 vesting on December 31, 2022 and 1/3 vesting on December 31, 2023. All of the RSUs will be subject to applicable securities law hold periods.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities of the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors,
"Robert F. Delamar"
Robert F. Delamar, CEO
First Responder Technologies Inc. 915 - 700 West Pender Street Vancouver, BC. V6C 1G8 [email protected]
About First Responder Technologies Inc.
First Responder Technologies Inc. (the "Company") is a technology development company that commercializes academic and internally developed intellectual property for use in the public safety market. The Company is developing a WiFi-based technology, based in part, on academic research licensed from Rutgers, the State University of New Jersey ("Rutgers") that can be used to detect concealed weapons. The Company's threat detection technology line of business was created to capture a significant portion of the global weapons detection systems market, and in particular, the global perimeter security detection market. In the Company's view, WiFi‐based threat detection technology may be utilized by a wide range of facilities, including schools, places of worship, shopping centres and theatres, to not only make their premises secure, but also reduce their cost of security, from the interior of a facility to the perimeter.
Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company's actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.