TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) is pleased to announce that the Senior Management including; Andrew Ryu, Jeffrey Stevens and Steve Kang have voluntarily agreed to reduce their compensation by approximately 40% effective immediately. The Company also completed the integration of back office functions of Nexalogy. As a result, the Company has cut down the number of staff and office space as a part of its cost saving strategy.
“Our goal is to grow the business and share price organically rather than doing a share consolidation. The entire team is aligned with our shareholders in getting the Company back on track,” says Marshall Gunter, CEO of the Company.
The Company is also pleased to announce completion of it’s annual and special meeting. At the meeting, Andrew Ryu, Charles Schade, Janeen Stodulski, David Ellison and John McMullen were elected as directors of the Company and KPMG were appointed as auditors for the Company. Additionally, the Company’s 10% rolling stock option plan was re-approved and confirmed and shareholders passed a special resolution to change the name of the Company from Datametrex AI Limited to Nexalogy AI Limited as well as a share consolidation plan of up to 8 to 1.
The Company’s name will not be changed until the Company files articles of amendment and obtains the necessary regulatory approvals. While the resolution gives discretion to the Company’s board and management to effect the share consolidation, no decision has been made by the Company to complete the consolidation or what the consolidation ratio will be. If and when the Company decides to implement the share consolidation, a further press release will be disseminated with the details of the share consolidation.
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com).
For further information, please contact:
Jeff Stevens - President
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.