VANCOUVER, BC, March 06, 2023 (GLOBE NEWSWIRE) -- NextGen Food Robotics Corp. (the “Company”) (NEO: NGRB; OTC Pink: NGRBF; Frankfurt: O83) announces that it has granted an aggregate of 250,000 incentive stock options (the “Options”) and 1,898,532 restricted share units (“RSUs” and, together with the Options, the “Awards”) to certain directors, officers and consultants of the Company pursuant to the Company’s equity incentive plan (the “Award Grant”), as compensation for ongoing services rendered to the Company.
Each Option confers upon its holder the right to purchase one common share of the Company (a “Common Share”) at an exercise price of $0.60 per Common Share. Of the Options granted, (i) 200,000 of the Options will vest immediately on grant and will be exercisable for a period of two years from the date of grant, and (ii) 50,000 of the Options will vest in two equal installments, respectively, on the date that is 16 months following grant and 24 months following grant, and will be exercisable for three years from the date of grant. Each RSU, once vested, will allow the holder to acquire one Common Share. The RSUs will vest in three equal installments on the date of grant, six months following the date of grant, and twelve months following the date of grant.
Of the Awards granted, 1,898,532 RSUs and 50,000 Options were granted to directors or officers of the Company. The Company relied on section 5.5(a) of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the exemption from the formal valuation requirements of MI 61-101 and section 5.7(1)(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the Awards grant to the directors and officers of the Company, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Awards granted to the directors and officers of the Company exceeded 25% of the Company's market capitalization.
About NextGen Food Robotics
NextGen Food Robotics is an automated food co-packer and manufacturer and ghost kitchen operator.
For investor inquiries or further information, please contact:
Paul Rivas, Chief Executive Officer
1 (236) 471-1357
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 the vesting and exercise of the RSUs and 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.
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