NXT Energy Has Been Advised of Future Share Purchase Arrangement Entered Into by Its Largest Shareholder
20 January 2014 - 10:30PM
Marketwired
NXT Energy Has Been Advised of Future Share Purchase Arrangement
Entered Into by Its Largest Shareholder
CALGARY, ALBERTA--(Marketwired - Jan 20, 2014) - NXT Energy
Solutions Inc. ("NXT Energy" or the "Company")
(TSX-VENTURE:SFD)(OTCBB:NSFDF) and its largest shareholder, Mr.
George Liszicasz, jointly advise that he has entered into a share
purchase arrangement with designated Company directors, officers,
employees and advisors. In recognition of their efforts, sacrifices
and dedication to the success of NXT Energy, Mr. Liszicasz (the
"Grantor") has personally granted rights to these individuals to
acquire a total of 1,000,000 of the common shares which he will
become entitled to hold (the "Rights") upon the intended future
conversion of a portion of the preferred shares which he owns.
Mr. Liszicasz, President & CEO of the Company, currently
holds 8,000,000 non-voting, convertible preferred shares which were
issued in 2006 pursuant to a technology transfer agreement covering
the Company's use of the Stress Field Detection ("SFD®")
technology. The preferred shares are convertible at the Company's
option on or before December 31, 2015, with earlier conversion of
2,000,000 of them (including the 1,000,000 which are subject to the
Rights) triggered when the Company reaches cumulative revenues of
US $50 million.
Mr. Liszicasz noted "I am extremely proud of the progress the
Company has made to date in advancing use of the SFD®" technology.
I have personally granted these Rights to recognize a number of
individuals who have distinguished themselves by providing
significant contributions and being integral in building the
Company. I want to aid in ensuring the retention of key people in
NXT. In addition, I wish to emphasize that any future exercises of
the Rights will not be dilutive to the Company's shareholders".
Each of the Rights are subject to certain vesting provisions and
will entitle the holder to acquire from the Grantor one common
share of NXT Energy at a fixed exercise price of $1.77 and will
expire on December 31, 2015. Of the total number of Rights granted,
365,000 were to certain directors and officers, 370,000 to key
employees of the Company, and the balance to advisors and
consultants. These Rights are supplemental to existing incentives
which have been granted under the Company's existing stock option
plan.
In addition to holding 100% of the outstanding preferred shares,
Mr. Liszicasz also holds 7,196,490 (16.9%) of NXT Energy's
42,578,326 outstanding common shares.
NXT Energy Solutions Inc. is a Calgary based company whose
proprietary Stress Field Detection ("SFD®")
survey system provides an effective and reliable method to reduce
time, costs, and risks related to hydrocarbon exploration. The
SFD® system utilizes quantum-scale sensors to
detect gravity field perturbations in an airborne exploration
survey method. SFD® can be used both onshore and
offshore to remotely identify areas with exploration potential for
traps and reservoirs, and enables our clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD® is environmentally
friendly and unaffected by ground security issues or difficult
terrain, and is the registered trademark of NXT Energy Solutions
Inc.
Disclaimer and Forward-Looking Statements:
This news release may include forward-looking statements.
When used in this document, words such as "intends", "plans",
"anticipates", "expects" and "scheduled", are forward-looking
statements. Forward-looking statements are subject to a wide range
of risks and uncertainties, and although the Company believes that
the expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized. Any number of factors can cause actual results to
differ materially from those in the forward-looking statements.
Risk factors facing NXT are described in its most recent MD&A
for the year ended December 31, 2012 which has been filed
electronically by means of the System for Electronic Document
Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such
forward-looking statements are made as at the date of this news
release, and the Company assumes no obligation to update or revise
them, either publicly or otherwise, to reflect new events,
information or circumstances, except as may be required under
applicable securities law.
Specific forward-looking statements include the potential
future conversion of the Company's preferred shares.
Investor Relationskin communications inc.604-684-6730 /
1-866-684-6730sfd@kincommunications.comwww.kincommunications.comNXT
Energy Solutions Inc.Greg LeavensV-P Finance &
CFO403-206-0805NXT Energy Solutions Inc.George LiszicaszPresident
& CEO403-206-0800www.nxtenergy.com
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