Quantum Numbers Corp.
TSX VENTURE : QNC

June 06, 2017 07:30 ET

Quantum Numbers Corp. Announces New Executive Chairman

MONTREAL, QUEBEC--(Marketwired - June 6, 2017) - (TSX VENTURE:QNC) Quantum Numbers Corp. (the "Corporation" or "QNC") is pleased to announce is pleased to announce the appointment of Mr. Ted Colivas as a Director and Executive Chairman of the Corporation.

Mr. Colivas joins QNC with over 25 years of experience in the areas of management, business development, strategy, software development, marketing, finance, gaming, IT operations and telecommunications. Mr. Colivas has a professional history of advancing and accelerating businesses in various leadership roles which include IT operations, strategy and business development. He was a founder and the Director of Operations of dot com Entertainment Group Inc. (DCEG on NASD OTC) from 1996 to 2002 and returned as DCEG's Director of Strategy and Business Development from 2003 to 2005 during which time the company was rebranded as Parlay Entertainment Inc. and listed on the TSXV exchange. He holds a Bachelor of Science Degree in Physics from the University of Toronto.

The Board believes that the appointment of Mr. Colivas places QNC in a stronger position to accelerate and maximise opportunities to monetize its technology. Mr. Colivas will work closely with senior management and key stakeholders as QNC moves into the next phase of development.

Mr. Jean-Charles Phaneuf, President and CEO of QNC, commented that: "Most of our resources and energy to this point has been focused on developing a strategic plan to best position QNC for success in an emerging QRNG market. The intelligence gathered, through our recent participation in numerous trade shows, combined with a series of meetings with potential customers and partners, has reaffirmed our conviction thus far that raising certainties on the fundamental elements of our intellectual property should prove the most effective way to increase the value of our QRNG technology in the short term and a strong catalyst for our commercialization efforts in the longer term. Accordingly, ongoing researches in patentability are being carried out with the aim of establishing by the beginning of August 2017 the highest level of certainty as to which of our 20 claims will be patentable in the 12 legislations we are aiming for. In addition, this information will not only enable us to complete our corporate patent strategy, but will also allow us to undertake a Track 1 patent process in the USA to significantly reduce our patenting time in that key jurisdiction. As QNC continues to move to the next phase of its "lab to market" transition, Ted's entrepreneurial background as well as customer management and collaboration experience in the development of new products is expected to have a positive impact as QNC ramps up its focus on commercialization."

Ted Colivas, new Executive Chairman commented: "I'm looking forward to my involvement in QNC, which I have been following since inception; and eager to lead the Board of Directors and to also work closely with the executive management team at QNC. We will combine our efforts to enhance shareholder value through strong corporate governance practices, continue to increase our relationships in the security technology and solution sectors, and capitalize on our many opportunities as the company transitions to the next stage of growth."

Mr. Luc Paquet has stepped down from the Chairman role and will remain as Director. QNC is very grateful for Mr. Paquet's leadership. In addition to his Board of Directors responsibility Mr. Paquet will remain actively involved in an advisory role.

Additionally, QNC announces that it has granted a total of 1,000,000 stock options to Mr. Colivas pursuant to its Share Option Plan (the "Plan") vesting bi-annually over the next two years. Each option will entitle Mr. Colivas to purchase one common share of the Corporation at an exercise price of $0.15 per share for a period of ten years from this date. The options will vest in accordance to provisions set out in the Plan, or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.

The stock options granted to Mr. Colivas are part of his compensation package and will provide him with an opportunity to establish a meaningful position in QNC as the Corporation continues to progress.

About Quantum Numbers Corp.

QNC is an innovative developer of cryptographic solutions based on Quantum Random Number Generator (QRNG). The Corporation's mission is to address the growing demand for affordable hardware security for connected devices. Visit our website at www.quantumnumberscorp.com

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of QNC. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. Forward looking information includes without limitation, progress in development of products, potential of the products, and planned development programs. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and QNC assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

"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."

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