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Vancouver, BC – October 3, 2018 - Venzee Technologies Inc. (TSX-V:VENZ) (“Venzee” or the “Company”) announces Peter Mackay, President and CEO of Venzee, has been appointed to the Board of Directors replacing the vacancy created from the resignation from the Board of Mr. Sylvestre, who will continue to serve as the Company’s CTO. Mr. Issa Nakhleh, Venzee’s CFO, has replaced Caroline Dunn as Corporate Secretary due to her resignation.
The Company also announces that both founders, Kate Hiscox and Marco Sylvestre, have voluntary entered into lock up agreements that will extend the current TSXV imposed escrow release of their holdings. Currently, both founders hold approximately 13.5 million shares of Venzee or 22% of the outstanding total. All of these shares will now be restricted from any trading, unless approved by the Company’s Board of Director, until September 27, 2019. At that date, 55% of their holdings will be free trading and the balance will be released in 15% increments starting January 2020 and each 6 months thereafter.
“Venzee’s founders remain committed to Venzee and its growth, and their voluntary lock-up, as an act of good faith, sending a positive message to our shareholders,” stated Peter Mackay, Director, President and CEO.