Wildpack Announces Compensation RSU Grants and Debt Settlement

Rhea-AI Summary

Wildpack Beverage Inc. (OTC PINK:WLDPF) announced key developments regarding compensation and employee payments. The Board approved the issuance of 13,852,395 restricted share units (RSUs) to key employees and directors as part of its omnibus incentive plan, with vesting dependent on time and performance milestones. Additionally, the Company will settle USD 141,300 owed to employees through the issuance of 1,016,799 common shares at a deemed price of C$0.19 each, exempt from hold periods. Wildpack operates in the beverage manufacturing sector and seeks to expand its service offerings and market presence. The issuance of equity is subject to approval from the TSX Venture Exchange.

Positive

• Approval of 13,852,395 RSUs enhances employee retention and incentivizes performance.
• Settlement of employee compensation through share issuance strengthens loyalty and reduces cash outflow.

Negative

• The issuance of additional shares could dilute existing shareholders' ownership.

VANCOUVER, BC / ACCESSWIRE / April 14, 2023 / Wildpack Beverage Inc. (TSXV:CANS) (OTC PINK:WLDPF) ("Wildpack" or the "Company") a leading middle market co-packer of canned goods announces Wildpack's also announces its Board of Directors (the "Board") has approved the grant of an aggregate of 13,852,395 restricted share units (each, an "RSU") to certain key employees, officers and directors pursuant to the Company's omnibus incentive plan (the "Plan"). A portion of these grants represent compensation to the Directors for their service to the Company in 2023. The Company does not currently pay cash or any other compensation to its independent Directors. Each RSU shall vest over various periods qualified by time and/or the achievement of certain milestones. If the milestones are not met, the applicable RSUs will be null and void. Each RSU represents the right to receive, once vested, one common share of the Company. All RSUs were granted pursuant to and subject to the terms of the Plan, the applicable grant agreement, and the requirements of the TSX Venture Exchange ("TSXV").

The Company also announced that, in connection with bonus payments owed to certain current employees (the "Employees"), it has entered into agreements with such Employees, electing to settle the aggregate amount of USD$141,300 owing to such Employees (the "Amounts Owing") through the issuance of Common shares of the Company. In settlement and full satisfaction of the Amounts Owing, the Company has agreed to issue to the Employees a total of 1,016,799 Common shares (the "Shares") at a deemed issue price of C$0.19 per Share. None of the Employees are a "Non-Arm's Length Party" (as such term is defined under the policies of the TSXV) to the Company. The Shares will not be subject to any hold period. The issuance of the Shares in connection with the settlement of the Amounts Owing is subject to approval from the TSXV.

Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director

For further information, please contact us at:

invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.

Cautionary Statement on Forward Looking Information

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Neither the 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.

SOURCE: Wildpack Beverage Inc.

View source version on accesswire.com:
https://www.accesswire.com/749391/Wildpack-Announces-Compensation-RSU-Grants-and-Debt-Settlement

FAQ

What is the significance of the 13,852,395 RSUs granted by Wildpack (WLDPF)?

The RSUs aim to incentivize key employees and directors, tying their compensation to company performance.

How much is Wildpack (WLDPF) settling in employee bonuses through share issuance?

Wildpack is settling USD $141,300 in employee bonuses by issuing 1,016,799 common shares.

What is the deemed issue price for the common shares issued by Wildpack (WLDPF)?

The common shares are issued at a deemed price of C$0.19 each.

Is the issuance of shares by Wildpack (WLDPF) subject to approval?

Yes, the share issuance is subject to approval from the TSX Venture Exchange.

How does the RSU scheme impact Wildpack's (WLDPF) financial outlook?

The RSU scheme could enhance employee performance and retention, positively impacting the company's long-term growth.