VOTI Detection Issues Shares in Payment of Interest on Outstanding Debentures and Grants Options to an Executive Officer
July 28, 2021
VOTI Detection Inc. ("VOTI" or the "Company") (TSXV: VOTI), a leading-edge Canadian technology company that develops latest-generation X–ray security systems based on 3D Perspective™...
MONTREAL, July 28, 2021 /CNW/ - VOTI Detection Inc. ("VOTI" or the "Company") (TSXV: VOTI), a leading-edge Canadian technology company that develops latest-generation X–ray security systems based on 3D Perspective™ technology, today announced its intention to issue 25,425 common shares of the Company (the "Common Shares") at a deemed price of $0.59 per Common Share in payment of an aggregate of $15,000 in interest owing on June 30, 2021 on the two 10.0% senior unsecured convertible debentures of the Company which remain outstanding (the "Debentures"). Under the terms of the Debentures, the Company has the option to pay the interest on the Debentures in either cash or Common Shares on the terms set forth in the Debentures. The issuance of Common Shares in payment of interest on the Debentures is subject to the acceptance by the TSX Venture Exchange. The Common Shares issued in payment of interest on the Debentures will be subject to a four month hold period.
VOTI also announces that the Board of Directors has granted 500,000 stock options to a newly hired Executive Officer under the Corporation's stock option plan.
About VOTI Detection
VOTI Detection, headquartered in Montreal, Quebec, and listed on the TSX Venture Exchange, is a leading-edge Canadian technology company that develops latest-generation X-ray security systems based on 3D Perspective™ technology. VOTI's technology produces remarkably sharp and more revealing X-ray images that are competitively superior while delivering enhanced threat detection capabilities and an improved user experience. Since its inception, VOTI has installed scanners in more than 50 countries and has consulted heavily with government agencies and security specialists worldwide to develop feature-rich and easy-to-use scanners that meet the sophisticated needs of modern security screening operations. www.votidetection.com
Notice regarding forward-looking statements:
This release includes forward-looking information within the meaning of Canadian securities laws regarding VOTI Detection and its business. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative 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. Such statements are based on the current expectations of the management of VOTI Detection, and are based on assumptions and subject to risks and uncertainties. Although the management of VOTI Detection believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the threat detection technology industry, failure to obtain regulatory approvals, economic factors, management's ability to manage and to operate the business of VOTI Detection, the equity markets generally and risks associated with growth and competition. Although VOTI Detection has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and VOTI Detection does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.
Neither 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 VOTI Detection Inc.