TORONTO, Sept. 20, 2019 /CNW/ - Prodigy Ventures Inc. (TSXV:PGV) ("Prodigy" or the "Company") today announced that the Board of Directors has approved a quarterly dividend of Cdn$0.001 per share for holders of record of common shares of the Company on October 2, 2019 and payable in cash on October 15, 2019. At the CEO's request, the Board has also approved that the bonus payment, in favor of Tom Beckerman, Founder, Chairman and Chief Executive Officer of Prodigy Ventures, for the second half of 2019 be cancelled, resulting in a significant reduction in expected management expenses which is being returned to shareholders.
The dividend payment is anticipated to be an ongoing quarterly payment with the dividend payment for Q3, September 30, 2019, being Cdn$0.001 per share. The cash dividend payment will be financed by net income growth and the expense reduction resulting from the cancellation of the bonus payment to Mr. Beckerman. The bonus payment cancellation for Mr. Beckerman for the second half of 2019 is expected to save Cdn$200,000 and will be accretive to EBITDA.
"The decision to cancel my bonus is a significant step to show the market that I, like the rest of the Executive Management team, are focused and aligned to reward shareholders and invest all necessary funds into the growth of Prodigy Ventures to further its development as a name synonymous with Fintech innovation."
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company develops software and services with emerging technologies for digital transformation, identity and payments. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth 500 (2018 and 2019).
Neither 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 Prodigy Ventures Inc.
For further information: Prodigy Ventures Inc., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833