VANCOUVER, British Columbia, June 28, 2017 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the “Company” or “Identillect”) (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID) a trusted leading provider of SaaS email security, is pleased to announce that it will immediately implement an incentive program designed to encourage the early exercise of up to 11,516,667 warrants originally issued on January 26, 2017 (the “January Warrants”) and 4,850,000 warrants originally issued on May 19, 2016 (the “May Warrants” and together with the January Warrants, the “Original Warrants”).
Each January Warrant is exercisable to purchase one common share of the Company (a “Share”) at 15 cents until a date that is one year from issuance. Each May Warrant is exercisable to purchase one Share at 40 cents per share until a date that is 18 months from issuance. Each holder of Original Warrants will, from the date of this announcement, be entitled to exercise his or her Original Warrants at a price of 10 cents for a period of twenty days expiring July 18, 2017.
The proceeds from the early exercise of the warrants will be used to accelerate the Company’s successful growth strategy by expanding the Company’s marketing and sales initiatives which have already led to increased subscriber growth.
A number of Warrant holders, including certain insiders of the Company, have committed to immediately exercise an aggregate of 5,000,000 warrants.
Identillect Chief Executive Officer Todd Sexton stated: “We appreciate the continued support of our shareholders that have provided us capital at a premium to the current market price, as we continue to push forward to profitability. On the successful completion of our warrant incentive program we will satisfy our requirements for external capital.”
If a holder of Original Warrants does not exercise his or her outstanding Original Warrants on or before July 18, 2017 (or only partially exercises them), the holder's remaining Original Warrants will continue to be exercisable to purchase shares of the Company on their original terms.
The warrant incentive program is subject to the approval of the TSX Venture Exchange. The Company will send a notice to the holders of the Original Warrants outlining the details of the incentive program.
About Identillect
Identillect Technologies is the leading provider of email encryption service Delivery Trust™, empowering enterprises of all sizes to protect their business and their client’s critical information against cyber security attacks.
Delivery Trust™ is an award winning, multi-platform plug-in, which gives users complete control of their emails, for one low price, one simple integration, complies with all regulations and most importantly provides peace of mind.
For more information, or your free trial, please visit www.identillect.com.
On Behalf of the Board of Directors of:
IDENTILLECT TECHNOLOGIES CORP.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.