Pivot Technology Solutions Announces Results of Annual and Special Meeting of Shareholders and Grant of Stock Options

TORONTO, June 21, 2016 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSX-V: PTG), today announced that the Company's shareholders approved all resolutions put to the Annual and Special Meeting of the Shareholders, which were disclosed in the Corporation's Management Information Circular dated May 16, 2016 and put forth for voting at the meeting.

Shareholders Meeting

The shareholders appointed as directors of the Company to hold office until the close of the next annual meeting of the Company's shareholders, the following nominees: John Anderson, Warren Barnes, David Beck, Wade Dawe, Stephen Moore, Kevin Shank and Douglas Stuve.  In addition, E&Y LLP, Chartered Accountants, were reappointed as auditors of the Company.

The shareholders also approved and ratified the Company's incentive stock option plan pursuant to which the number of common shares reserved for issuance for options granted is 10% of the Company's outstanding common shares from time to time (calculated on a rolling basis).

The Company also announces shareholders voted in favor of the Company's proposed consolidation of its common shares on the basis of one (1) post-consolidated common share for every four (4) pre-consolidated common shares held.  The Company currently has 169,495,226 common shares issued and outstanding and the Company will have approximately 42,373,806 common shares issued and outstanding post-consolidation.  It is anticipated that the share consolidation will become effective at a date to be determined by the Board and subject to TSX Venture Exchange approval.

Grant of stock options

The Company also announced that under the Company's Incentive Stock Option Plan, as approved at today's Annual and Special Meeting and by the TSXV, Directors, officers, employees and consultants have been awarded stock options to purchase an aggregate amount of 8,550,000 common shares at a price of $0.40 per share for a term expiring June 21, 2026 and vesting over a two year period. 

About Pivot Technology Solutions, Inc.

Together with its portfolio companies and partners, Pivot delivers solutions that enable organizations to design, build, implement and maintain computing and communication infrastructure that addresses their unique business needs. Pivot's approach supports improvement of business performance, helps organizations reduce capital and operating expenses, and accelerates the delivery of new products and services to end-customers.  With over 2,000 customers, many of whom are Fortune 1000 companies, Pivot extends its value added solutions to help organizations of all sizes improve operating efficiency, reduce complexity and enhance service delivery through virtualization and cloud computing.  Pivot enables businesses to extend their enterprise through mobility solutions to better connect business partners and customers.  Pivot has offices throughout North America and can be found online at www.pivotts.com.

Forward Looking Statements

This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding the expected effective date of the share consolidation and the assumptions underlying any of the foregoing. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, including the assumption that all regulatory and corporate approvals for the share consolidation will be received prior to the expected effective date. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties.  Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: the risk that regulatory and corporate approvals for the share consolidation will be delayed or deferred. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

SOURCE Pivot Technology Solutions, Inc.

Marc Lakmaaker, National Equicom, [email protected], Tel: [phone]; Kevin Shank, Chief Executive Officer, [email protected]; Andrew Bentley, Pivot Technology Solutions, Inc., [email protected], Tel: [phone]