VANCOUVER, British Columbia, Aug. 18, 2014 /PRNewswire/ -- Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCQB: RYUN) ("RYU"), an athletic lifestyle apparel brand designed for all disciplines of movement, announced today that its Board of Directors granted options to acquire up to 6,350,000 shares of RYU's common stock at an exercise price of $0.30 per share. The options were granted to RYU's new management team, consultants and employees with a combined 100+ years experience in retail, operations and international sales.
The new management team is being granted 5,100,000 options. The 1,600,000 options granted to RYU's CEO are subject to shareholder approval, because it exceeds to plan limit. RYU believes that its new management team will be focused on making RYU profitable as, in the aggregate, 6.5% of these options vest after one year, 9.8% of these options vest after two years, and 83.7% of these options only vest with RYU reporting positive net income and cash from operations. The Board of Directors of RYU believes this vesting schedule is in the best interest of shareholders of RYU.
Marcello Leone, RYU's CEO, President and Chairman, stated, "These are very exciting times for RYU as we come out of a turnaround situation with a powerful and capable team and infrastructure. We have been fortunate to attract key people with successful hands-on experience and entrepreneurial passion that cover fashion, apparel, retail and operations. The team is driven by the equity upside which is now focused on profitability and aligned with shareholders."
Respect Your Universe, Inc. is a performance apparel brand designed for athletes and active adults. Crafted from organic and/or earth-friendly materials, RYU apparel enhances movement, is extremely comfortable and healthy for the environment. Founded in 2008, RYU has incorporated the lessons learned from mixed martial arts into beautiful everyday performance wear. For more information, visit www.ryu.com.
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
Marcello Leone, CEO, President and Chairman of the Board
Neither the 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.
Respect Your Universe, Inc.
Tel: +1 877 798 8326
Statements regarding the future profitability of RYU and the focus of the new management team are "forward- looking statements", which are subject to risks and uncertainties, which may cause the actual results, performance or achievements of RYU to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that RYU's business plan is dependent on additional financing, which it may be unable to obtain on terms acceptable to RYU, changes in general economic or market conditions that could impact consumer demand for RYU's products, and RYU's ability to execute on its business plan. Except as required by law, RYU undertakes no responsibility to update any of the forward-looking statements contained in this news release.
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