Venzee Technologies Announces PSU Provisions Under Omnibus Long Term Incentive Plan

Rhea-AI Summary

Venzee Technologies Inc. announced the grant of 7,536,430 performance share units (PSUs) under its Long Term Incentive Plan. These PSUs will vest based on performance goals set by the Board of Directors. Each PSU grants the holder the right to one common share. Additionally, the company has secured $102,000 in funding through a convertible debenture, bringing the total to $275,000. Venzee's COO expressed gratitude towards the Board for this incentive, while the CEO highlighted the community's support for their AI-driven platform aimed at optimizing retail supply chains.

Positive

• Issued 7,536,430 PSUs to incentivize team performance.
• Secured an additional $102,000 in funding, increasing total funding to $275,000.

Negative

• None.

CHICAGO , Aug. 30, 2022 /PRNewswire/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"), the artificial intelligence platform for product data transfer, announced today that the Company has granted an aggregate of 7,536,430 performance share units ("PSUs") to certain officers, directors, employees and consultants in accordance with the provisions of the Company's Omnibus Long Term Incentive Plan ("LTIP Plan").

The PSUs will vest subject to the achievement of performance goals as outlined by the Company's Board of Directors and in accordance with TSX Venture Exchange policies.  Each PSU will entitle the holder to acquire one common share of the Company.

Regarding the PSU grant, Venzee COO Peter Montross said, "We are grateful to our Board for allowing this significant incentive to be put in place for our dedicated team – a team executing on partner-driven go-to-market plans that will deliver the strong sales and revenue growth we expect." 

Further details regarding the Company's LTIP Plan are set out in the management information circular of the Company dated October 27, 2020, which is available on SEDAR at www.sedar.com.

Separately, the Company is announcing an additional tranche of funding through its previously announced convertible debenture. The additional tranche of $102,000 brings the total funding received to date through the debenture to $275,000.

Venzee CEO John Abrams said, "We are very pleased with the continued support from the investment community, who recognizes the power and potential of our AI-driven platform to digitally optimize end-to-end connectivity across retail supply chains."

About Venzee Technologies, Inc.

Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data transfer used by global brands to speed time to market and create competitive supply chain advantages. Venzee's intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.

Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.

Venzee unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.

To learn more about the Venzee platform, visit venzee.com

Twitter: @usevenzee
LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2018, and the quarter ended August 29, 2019, which are available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.

The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Venzee Technologies Inc.

FAQ

What are the details of the PSU grant by Venzee Technologies (VENZF)?

Venzee Technologies granted 7,536,430 performance share units (PSUs) to its team, which will vest based on performance goals.

How much funding has Venzee Technologies (VENZF) received through its convertible debenture?

Venzee Technologies has received a total of $275,000 through its convertible debenture, including an additional $102,000 announced recently.

What is the purpose of the PSUs granted by Venzee Technologies (VENZF)?

The PSUs are aimed at incentivizing officers, directors, and employees to achieve performance goals as outlined by the Board of Directors.

When was the PSU grant announced by Venzee Technologies (VENZF)?

The PSU grant was announced on August 30, 2022.