VANCOUVER, Jan. 11, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that it has entered into a consulting agreement with Incite Capital Markets ("Incite") to provide investor relations and communication services, subject to TSX Venture Exchange (the "Exchange") approval. The Company has selected the Incite Capital Markets to share Namaste's compelling story to brokers, analysts and portfolio managers globally.
In consideration for their services, Incite will be paid $6,500 per month over a six month term of engagement plus pre-approved out-of-pocket expenses, which amounts will be paid from general working capital. After six months, Incite's engagement will then convert to a month to month basis subject to a 30-day termination notice, by either party. In addition, subject to Exchange approval, Namaste has granted Incite an option to acquire 150,000 common shares in the capital of the Company at a price of $1.65 per share that vest quarterly over twelve months and have a five-year term. Upon termination of the consulting agreements, any vested options will be cancelled after 30 days, as is required by the Exchange.
The agreement and the related stock option grant are subject to the approval of the TSX Venture Exchange. Incite currently has no direct or indirect interest in the securities of Namaste other than the previously mentioned stock options. A previous agreement for investor relations services with Hybrid Financial Ltd. has been cancelled.
The Company also wishes to announce that the Board of Directors previously approved a new employment agreement between Namaste and its CEO, Sean Dollinger effective as of January 1, 2019. The agreement reflects an update of Mr. Dollinger's previous agreement with a subsidiary of Namaste and related permanent move to British Columbia. Details of Mr. Dollinger's employment agreement include but are not limited to a base compensation of US$300,000 per year and the issuance of stock options to acquire a total of 500,000 common share stock options of the Company. Additional bonus provisions, for up 1.5x the annual salary amount, are included in the agreement based on successful milestones in strategic planning, growth, profitability and cash flow from operations. The options are exercisable at a price based on the closing price of Namaste's shares on the date prior to the commencement date of the employment agreement. The options will vest in quarterly installments over the two-year term of the agreement. The options have a term of 5 years and are subject in all respects to the terms of Namaste's stock option plan.
About Incite Capital Markets
Incite Capital Markets is an independent, innovative and trusted capital markets advisory corporation. Built on a proven track record of over 20 years experience helping companies achieve the best results possible, Incite provides expertise in capital markets, corporate communications, and investor and media relations. In addition to strategic insights, Incite invests in small to mid-size technology companies. For more information on Incite Capital Markets, please visit www.incitecapitalmarkets.com
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products and medical cannabis in the Canadian market thorough its licensed subsidiary, CannMart.com.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Incite Capital Markets, Darren Seed / Eric Negraeff, Ph: 604.493.2004; Sean Dollinger, Chief Executive Officer, Email: [email protected]