SUNNYVALE, Calif., June 12, 2014 /CNW/ - LeoNovus® Inc. ("LeoNovus") (TSXV: LTV), a leading Internet and cloud provider with its geo-dispersed distributed Cloud, announced today that it granted a total of 1,100,000 options to purchase common shares of the Company to officers, employees and consultants on June 4, 2014 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. Of these options, 500,000 were granted to officers of the Company and 600,000 were granted to employees and consultants. 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 TSX Venture Exchange in Toronto 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 without the cost, overhead and support of a PC. This approach delivers an extremely flexible just-in-time service model to multiple markets including residential, hospitality and health care. In parallel, LeoNovus utilizes its proprietary Dark Core™ technology with a unique ability to "light up" idle dark 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.
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at http://www.sedar.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.
This press release may contain forward-looking statements and information, which 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. There can be no assurance or guarantees 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 should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on LeoNovus' public filings, including its most recent audited consolidated financial statements, are available at www.sedar.com.
SOURCE: LeoNovus Inc.
For further information:
DAVID BELGUM, CFO, LeoNovus™ Inc., T: (408) 541-9400, or F: (408) 541-9410, [email protected]