TORONTO, Aug. 09, 2019 (GLOBE NEWSWIRE) -- Route1 Inc. (OTCQB: ROIUF and TSXV: ROI) (the “Company” or “Route1”), an advanced North American provider of industrial-grade data intelligence, user authentication and ultra-secure mobile workforce solutions, today announced that it has received conditional approval from the TSX Venture Exchange for the previously announced share consolidation. Effective at the opening of the market on Tuesday, August 13, 2019, the common shares of Route1 will commence trading on the TSX Venture Exchange on a consolidated basis.
Pursuant to a special resolution passed by shareholders on November 26, 2018, Route1 will consolidate its common shares outstanding on a ten (10) old for one (1) new basis. On the opening of the market on August 13, 2019, and using today’s common shares outstanding of 369,689,000, Route1 will have 36,968,900 common shares outstanding. The number of common shares is subject to a reduction based on any future purchases by the Company under its active Normal Course Issuer Bid program on August 12, 2019.
Route1 believes that the current number of shares outstanding is not reflective of the Company’s growth and development over the past 18 months. During that time, the Company has made two significant acquisitions and has substantially increased its revenue and operating cash flow.
A sustained higher per share price of the common shares, which the Company would expect as a result of the 10-for-one consolidation, is expected to heighten the interest of the financial community including that of research analysts in the Company and broaden the pool of investors that may consider investing in the Company, potentially increasing the trading volume and liquidity of the Common Shares. As a matter of policy, many institutional investors are prohibited from purchasing shares below certain minimum price levels.
About Route1 Inc.
Route1, operating under the trade names GroupMobile and PCS Mobile, is an advanced North American provider of industrial-grade data intelligence, user authentication, and ultra-secure mobile workforce solutions. The Company helps all manner of organizations, from government and military to the private sector, to make intelligent use of devices and data for immediate process improvements while maintaining the highest level of cyber security. Route1 is listed on the OTCQB in the United States under the symbol ROIUF and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: www.route1.com.
For More Information, Contact:
Executive Vice President and Chief Financial Officer, Route1 Inc.
+1 416 814-2619
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the 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.
© 2019 Route1 Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise used in whole or in part or by any means without prior written consent of Route1 Inc. See https://www.route1.com/terms-of-use/ for notice of Route1’s intellectual property.
This news release contains statements that are not current or historical factual statements that may constitute forward-looking statements. These statements are based on certain factors and assumptions, including, approval by the TSX Venture Exchange of the share consolidation the impact of the share consolidation on the trading volume, price and liquidity of the common shares, expected financial performance, business prospects, technological developments, and development activities and like matters. While Route1 considers these factors and assumptions to be reasonable, based on information currently available, they may prove to be incorrect. These statements involve risks and uncertainties, including but not limited to the risk factors described in reporting documents filed by the Company. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by law. Estimates used in this presentation are from Company sources.