TORONTO, Oct. 30, 2017 /CNW/ - PUDO Inc. ("PUDO" or "the Company") (CSE: PDO; OCTQB: PDPTF), North America's only courier neutral parcel pick-up and drop-off network, is pleased to announce that the Company issued options with a grant date of October 27, 2017.
As part of the Company's overall incentive option plan for team members, the board of directors, a number of senior officers, and strategic consultants to the company were granted stock options in recognition of their continuing contributions to the growth of PUDO Inc.
"PUDO has expanded our team of experts to guide the growth of our business, and we are looking forward to leveraging this capability as we begin a strategic expansion into the US," said Kurtis Arnold, CEO of PUDO Inc. "We are pleased to offer our team these incentive options as part of a compensation package that is focused on strategic growth." As part of the company's option plan, the board will assess the performance of the team before granting them access to their full complement of options.
A total of 2,690,000 Options were issued with an exercise price of $1.30 per option with each option convertible to one common share. Of the total issued, a total of 225,000 Options were issued to the directors of the Corporation and one third (33.33%) of the Optioned Shares shall vest as of February 28, 2019, February 28, 2020, February 28, 2021, and expire on October 26, 2022. The remaining balance of 2,465,000 Options were issued to the senior officers of the Corporation and one quarter (25%) of the Optioned Shares shall vest as of February 28, 2018, February 28, 2019, February 28, 2020, February 28, 2021, and expire on October 26, 2022.
About PUDO Inc.
Founded in 2015, PUDO Inc. is developing North America's only "carrier-neutral" parcel pick-up/drop-off network. No other company in North America offers staffed retail locations; open for extended hours, to receive consumer deliveries by any carrier. PUDOpoints include convenience stores, gas station mini-marts, and grocery stores.
Through the PUDOpoint™ network, consumers can control parcel deliveries – receiving online parcels wherever they want, whenever they want – a fully customizable and convenient method of delivery. When packages arrive at the chosen PUDOpoint, customers are automatically notified via text or email that their package has arrived and is ready for pick-up. E-commerce companies and other shippers utilizing PUDO can save on residential "last mile" delivery costs. Consumers can avoid the frustration and inconvenience of missed or stolen deliveries. The final destination of the parcel becomes the safe, staffed retail environment of a PUDOpoint.
With a growing network of PUDOpoint locations across the U.S. and Canada, PUDO is revolutionizing the North American parcel shipping model. PUDO was recently named one of the Top 20 most innovative public technology companies by the Canadian Innovation Exchange.
Information in this news release that is not current or historical factual information may constitute forward- looking information within the meaning of securities laws. The use of any of the words "anticipate", "believe", "expect", "plan", "intend", "can", "will", "should", and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. 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. Factors that could cause actual results to differ materially from such forward-looking information include, without limitation, uncertainties with respect to service implementation, the economic results of the relationship on the operations of the Company, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. The forward- looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by law.
SOURCE PUDO Inc.
For further information: about PUDO, please contact: Karen Speight, 1-506-694-1250, [email protected]