TORONTO, ONTARIO--(Marketwired - April 23, 2014) - Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL), has issued stock option grants to employees, directors and officers to the Company.
"One of our main reasons for going public was to provide our employees with an economic stake in our growth and future success," said Vito Buffone, President and Chief Executive Officer. "We believe this initial grant at our going public price will help align the goals of all employees and stakeholders."
The Company issued 3,975,500 stock options at a price of $0.11. The options have a life of 5 years and one third vest immediately with the remaining options vesting in equal installments at the 12 month and 24 month anniversary of the grant date.
About Penfold Capital Acquisition IV Corporation
The Company, through its wholly owned subsidiary SLM, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company provides manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6%. This means that companies using the Company's processes are able to divert 98.6% of their product from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.
Neither 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.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.