NextGen Food Robotics Announces Director Appointment and Grant of Stock Options

Rhea-AI Summary

NextGen Food Robotics Corp. appoints Melody Cooper to its board of directors and as Corporate Secretary. The board approves the grant of 200,000 options to certain directors and employees.

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• Melody Cooper appointed to NextGen's board of directors and as Corporate Secretary.
• Grant of 200,000 options approved for directors and employees.

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• None.

VANCOUVER, BC, Oct. 10, 2023 (GLOBE NEWSWIRE) -- NextGen Food Robotics Corp. (the “Company” or “NextGen”) (NEO: NGRB; OTC Pink: NGRBF; Frankfurt: O83) is pleased to announce the appointment of Melody Cooper to its board of directors, as well as her appointment as the Company’s new Corporate Secretary.

Mrs. Cooper has served as the Company’s Director of Commissary Operations since December 2021, and will now leverage her deep understanding of the Company’s operations in her role on the board of directors.

Mrs. Cooper has also replaced Paul Rivas as Corporate Secretary of the Company, who had assumed the role of Corporate Secretary in the interim following the resignation of the Company’s previous Corporate Secretary on August 21, 2023. Mr. Rivas will continue to serve as a director and the Chief Executive Officer of the Company.

The Company also today announces that the board of directors of the Company has approved the grant (the "Grant") of an aggregate of 200,000 options (the "Options") to purchase common shares in the capital of the Company to certain directors and employees of the Company. Of the Options granted, 100,000 Options are exercisable at a price of $0.60 per common share for a term of three years, 50% of which vest on the date that is 9 months following grant and 50% of which vest on the date that is 17 months following grant. The other 100,000 Options are exercisable at $0.55 for a term of five years, and which vest quarterly over the three-year period following grant.

About NextGen Food Robotics
Nextgen Food Robotics is an automated robotic food co-packer and manufacturer that uses technology to modernize its food manufacturing processes. Additionally, Nextgen is developing the “Lily app”, which is an AI-powered food application.

For investor inquiries or further information, please contact:

Paul Rivas, Chief Executive Officer

1 (236) 471-1357

info@nextgenai.ca

Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions and in this news release include statements respecting Mrs. Cooper’s contributions to the Company’s board of directors and the vesting and exercise of the Options. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news 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 applicable laws.

Neither the Neo Exchange nor its Market Regulator (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this press release.

FAQ

Who is the new appointee to NextGen's board of directors?

Melody Cooper.

What is Melody Cooper's role in the company?

She is the Director of Commissary Operations and the new Corporate Secretary.

Who was the previous Corporate Secretary?

Paul Rivas.

How many options were granted?

200,000 options.

What is the exercise price for the options?

$0.60 per common share for 100,000 options, $0.55 per common share for the other 100,000 options.

What is the vesting schedule for the options?

50% of the first set of options vest at 9 months following grant, the remaining 50% vest at 17 months. The second set of options vest quarterly over 3 years.