Logiq Announces Issuance of Common Stock
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEW YORK, Sept. 02, 2021 (GLOBE NEWSWIRE) — Logiq, Inc. (NEO: LGIQ) (the “ Company ” or “ Logiq ” ), a global provider of award-winning e-commerce and fintech solutions, has announced that it has granted and issued a total of 1,242,187 common stock under its equity incentive plan to certain employees and consultants of the Company (the “ Stock Awards ”). All of the above mentioned Stock Awards were issued at a deemed price of C$5.20 per share pursuant to a Registration Statement on Form S-8 under the U.S. Securities Act of 1933, as amended. 32,000 of the Stock Awards were issued to Brent Suen, the President of the Company, and 100,000 of the Stock Awards were issued to Haig Newton, the President of the Company’s DataLogiq division. The Stock Awards will not be released to the recipients until the Company has obtained shareholder approval for its equity incentive plan (as required by the policies of the NEO Exchange) which is expected to occur later this year.
The aforementioned grant of the Stock Awards to insiders constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101, contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, in respect of such insider participation.
The Company also announced that it has issued a total of 485,390 common stock to certain current and former service providers of the Company relating to amounts owed for services rendered (the “ Compensation Shares ”). All of the above mentioned Compensation Shares were issued at a price of C$5.20 per share and are restricted stock under Rule 144 of the U.S. Securities Act of 1933, as amended, and subject to a restricted holding period of at least six months. 300,000 of the Compensation Shares were issued to 2143723 Alberta, Ltd. in connection with a consulting agreement for certain financial and business advisory services and 130,000 of the Compensation Shares were issued to Daniel Urbino, the Company’s former Chief Operating Officer, for services rendered prior to his departure from the Company.
Logiq Inc. is a U.S.-based leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end e-commerce marketing solution. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s Fixel technology offers simplified online marketing with critical privacy features.
In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateAPP™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateAPP™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateAPP™ is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: Website | LinkedIn | Twitter | Facebook .
Important Cautions Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our competitive position in our industry, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading “Risk Factors” in the Company’s Canadian long form prospectus dated June 9, 2021.
Logiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Brent Suen, President Logiq, Inc. Email contact
Media & Investor Contact
Ronald Both or Grant Stude CMA Investor & Media Relations Tel (949) 432-7566 Email contact