Everfront Ventures Corp. - Corporate Update

TORONTO, June 16, 2017 (GLOBE NEWSWIRE) -- Everfront Ventures Corp. (TSX.V:EVC) (the “Company” or “Everfront”) provides the following corporate update:

Annual and Special Meeting of Shareholders

Everfront announces that its newly constituted board of directors (the “Board”), following completion of its previously announced qualifying transaction with Datametrex Limited (the “Qualifying Transaction”), resolved to call an annual and special meeting of shareholders to be held on August 22, 2017 in Toronto, Ontario.  The meeting will be called in accordance with the usual procedures.

Confirmation of Corporate Officers

The Board confirms the appointment of the following officers of the Company following completion of the Qualifying Transaction:

All of the above officers were as disclosed in the Company’s filing statement dated May 26, 2017 with the exception of Stefan Baerg as Vice President, Sales & Marketing.  Mr. Baerg departed on June 15, 2017 to pursue other business opportunities. Jeffrey Stevens will lead the Company’s sales and marketing team in his capacity of President and Chief Operating Officer.

On the Qualifying Transaction, Andrew Ryu acquired 18,000,000 Everfront common shares (of which 6,000,000 are held by Seinecliffe Management Ltd., a company controlled by him and 12,000,000 are held by Andrew Ryu personally) representing 23.9% of the Company’s issued and outstanding shares. Jonathan Hobbs acquired 14,020,000 Everfront common shares and 20,000 warrants each exercisable into one Everfront common share at a price of $0.075 until November 16, 2017 and $0.10 from November 17, 2017 until November 16, 2018.  

The securities acquired by Messrs. Ryu and Hobbs are held for investment purposes and are subject to TSX Venture Exchange (“TSXV”) escrow provisions as detailed in the Company’s Filing Statement. The individuals named do not have any current intentions to increase or decrease their beneficial ownership of or control or direction over any additional securities of the Company. The individuals may in the future acquire or dispose of securities of the Company, through the market or otherwise, as circumstances or market conditions warrant. To obtain a copy of the early warning reports related to these acquisitions, please contact Jeffrey Stevens, President and Chief Operating Officer, at (647) 400-8494.

Constitution of Audit Committee

The Company confirms that the audit committee will be composed of Charles Schade (chair), Andrew Male and Joshua Gerstein. 

Additional Broker Warrants

The Company announces that, upon acceptance by the TSXV, an additional 198,280 broker warrants (“Broker Warrants”) will be issued to Robson Capital Partners Corp. in connection with the private placement completed concurrently with the Qualifying Transaction. Each Broker Warrant is exercisable into one (1) Everfront common share until June 8, 2019 at a price of $0.15 per share.  Following this issuance, the total number of Broker Warrants issued on the Qualifying Transaction will be 772,072.

Extension of Stock Options to Former Everfront Directors

The Company announces that the Board has approved the extension of the option expiry period on an aggregate of 249,635 stock options previously granted to certain former directors of the Company under the Company’s stock option plan until June 8, 2018 as permitted under the Company’s stock option plan. 

About Everfront Ventures Corp.

Everfront is the parent company of DataMetrex Limited which is a Toronto-based company that will develop, assemble, market and distribute devices for the cloud-based collection and analysis of raw customer data from point-of-sale machines at the retail merchant level. Everfront’s main device technology, known as “Datatap”, is designed to retrofit retailers’ existing point-of sale machines, thereby providing retailers the benefits of a cloud-based data collection system while avoiding the costs of having to acquire new and expensive point-of-sale terminals.   

For further information, please contact Jeffrey Stevens, President and Chief Operating Officer, at (647) 400-8494.

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.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's proposed date for its annual and special shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.