Route1 Announces Its Intention to Consolidate Its Common Shares
27 July 2019 - 6:30AM
Route1 Inc. (OTCQB: ROIUF and TSXV: ROI) (the “Company” or
“Route1”), an advanced North American provider of industrial-grade
data intelligence, user authentication and ultra-secure mobile
workforce solutions, today announced that it intends to apply to
the Toronto Venture Exchange in order to consolidate its
outstanding common shares on the basis of one new share for ten
existing shares. Upon completion of the share consolidation, and
using today’s common shares outstanding count of 373,455,000,
Route1 will have 37,345,500 common shares outstanding (subject to
reduction based on any future purchases by the Company under its
active Normal Course Issuer Bid program).
The proposed share consolidation is subject to
all regulatory approvals. The shareholders of the Company
previously authorized the Company to undertake a share
consolidation at the annual and general and special meeting held on
November 26, 2018.
Route1 believes that the current number of
shares outstanding is not reflective of the Company’s growth and
development over the past 18 months. During that time, the
Company has made two significant acquisitions and has substantially
increased its revenue and operating cash flow.
A sustained higher per share price of the common
shares, which the Company would expect as a result of the
10-for-one consolidation, is expected to heighten the interest of
the financial community including that of research analysts in the
Company and broaden the pool of investors that may consider
investing in the Company, potentially increasing the trading volume
and liquidity of the Common Shares. As a matter of policy, many
institutional investors are prohibited from purchasing shares below
certain minimum price levels.
About Route1 Inc.Route1,
operating under the trade names GroupMobile and PCS
Mobile, is an advanced North American provider of
industrial-grade data intelligence, user authentication, and
ultra-secure mobile workforce solutions. The Company helps all
manner of organizations, from government and military to the
private sector, to make intelligent use of devices and data for
immediate process improvements while maintaining the highest level
of cyber security. Route1 is listed on the OTCQB in the
United States under the symbol ROIUF and in Canada on the TSX
Venture Exchange under the symbol ROI. For more information,
visit: www.route1.com.
For More Information,
Contact:Peter Chodos Executive Vice President and Chief
Financial Officer, Route1 Inc. +1 416
814-2619peter.chodos@route1.com
This news release, required by applicable
Canadian laws, does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
© 2019 Route1 Inc. All rights reserved. No part
of this document may be reproduced, transmitted or otherwise used
in whole or in part or by any means without prior written consent
of Route1 Inc.
See https://www.route1.com/terms-of-use/ for notice of
Route1’s intellectual property.
This news release contains statements that are
not current or historical factual statements that may constitute
forward-looking statements. These statements are based on certain
factors and assumptions, including, approval by the TSX Venture
Exchange of the share consolidation the impact of the share
consolidation on the trading volume, price and liquidity of the
common shares, expected financial performance, business prospects,
technological developments, and development activities and like
matters. While Route1 considers these factors and assumptions to be
reasonable, based on information currently available, they may
prove to be incorrect. These statements involve risks and
uncertainties, including but not limited to the risk factors
described in reporting documents filed by the Company. Actual
results could differ materially from those projected as a result of
these risks and should not be relied upon as a prediction of future
events. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the
occurrence of unanticipated events, except as required by law.
Estimates used in this presentation are from Company sources.
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