Edgewater Wireless Announces AGM Results, New Director and Grant of Stock Options

Rhea-AI Summary

Edgewater Wireless Systems (YFI: TSX.V, OTCQB: KPIFF) announced the successful passing of all resolutions at its annual general meeting (AGM) on June 16, 2021. Shareholders approved the election of four directors, re-appointment of KMPG LLP as auditors, and the continuation of a rolling stock option plan. Notably, Ralph Garcea, with 22 years' experience in technology and investment, was added to the Board. The Company also granted 1,500,000 incentive stock options at an exercise price of $0.13 per share for eight years, with certain options vesting over twelve months.

Positive

• Addition of Ralph Garcea to the Board enhances leadership with over 22 years of industry experience.
• Approval of rolling stock option plan may incentivize and retain key personnel.

Negative

• None.

Edgewater Wireless Systems Inc. (“Edgewater” or the “Company”) (YFI: TSX.V) (OTCQB: KPIFF) is pleased to announce that at its annual general meeting of shareholders held on June 16, 2021 (the “AGM”) all resolutions put to the shareholders were passed. At the AGM, shareholders approved setting the number of directors at four and electing all of management’s nominees, as listed in the management proxy circular dated May 14, 2021, to the Board of Directors to serve until the next annual general meeting. In addition, shareholders approved the re-appointment of KMPG LLP as the Company’s auditor and approved the continuation of the Company’s rolling stock option plan (the “Plan”).

The Company is pleased to announce the addition of Ralph Garcea to the Company’s Board of Directors, which was approved at the AGM. With more than 22 years of experience in senior positions at major and boutique investment dealers in the United States and Canada, Mr. Garcea was a top-ranked research analyst specializing in technology, gaming and industrial companies. Mr. Garcea is the managing partner and co-founder of Focus Merchant Group, a boutique advisory firm offering a full range of financial advisory services. He currently serves as a director on the board of Toronto Stock Exchange-listed Converge Technology Solutions Corp.

The Company further announces that it has granted incentive stock options (the “Options”) pursuant to the Plan to various directors, management, employees, and consultants of the Company to purchase up to an aggregate of 1,500,000 common shares in the capital stock of the Company at an exercise price of $0.13 per share for a period of eight years from the date of grant. A total of 200,000 options granted to an investor relations services provider to the Company, will vest over a twelve month period, with 25% vesting every three months after the date of grant.

About Edgewater Wireless

We make Wi-Fi. Better.

Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative Spectrum Slicing technology for residential and commercial markets. We develop advanced Wi-Fi silicon solutions, Access Points, and IP licensing designed to meet the high-density and high quality-of-service needs of service providers and their customers. With 24+ patents, Edgewater’s Multi-Channel, Single Radio (MCSR) technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

For more information, visit www.edgewaterwireless.com.

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FAQ

What key decisions were made at Edgewater Wireless's AGM on June 16, 2021?

At the AGM, all shareholder resolutions were passed, including the election of four directors and re-appointment of KMPG LLP as auditors.

Who is Ralph Garcea and what is his role at Edgewater Wireless?

Ralph Garcea is the newly appointed director at Edgewater Wireless, bringing over 22 years of experience in technology and investment.

What stock options were granted by Edgewater Wireless?

Edgewater Wireless granted 1,500,000 incentive stock options at an exercise price of $0.13 per share, valid for eight years.

What is the significance of the rolling stock option plan approved at the AGM?

The rolling stock option plan is designed to incentivize and retain directors, management, and employees by aligning their interests with company performance.