Carl Data’s FlowWorks, Hicks enter settlement deal
EFFECTIVE AS of June 8, 2017, Carl Data Solutions Inc. and FlowWorks Inc., the company’s wholly owned subsidiary, have entered into a settlement and release agreement with Timothy Hicks, 5346 Investments Ltd. and Kerr Wood Leidal Associates Ltd., whereby the parties agreed to settle a lawsuit relating to the dissent by Mr. Hicks to the acquisition of FlowWorks by the company.
Pursuant to the settlement agreement, FlowWorks agreed to pay Mr. Hicks $1,000 (U.S.) within 30 days of the settlement agreement becoming effective (paid) and pay Mr. Hicks an additional $10,000 (U.S.) within 30 days of the settlement agreement becoming effective (paid). In addition, FlowWorks agreed to pay Mr. Hicks $100,000 (U.S.) within 90 days of the settlement agreement becoming effective.
In addition, pursuant to the settlement agreement, the company is required to issue to Mr. Hicks:
1. 444,444 common shares of the company within five business days of the settlement agreement becoming effective (issued);
2. 444,444 common shares within 10 business days of the settlement agreement becoming effective (issued);
3. 44,444 common shares within six months of the settlement agreement becoming effective.
The first tranche shares are subject to an escrow agreement between the company, Mr. Hicks and Computershare Trust Company of Canada.
All of the shares will be subject to a statutory hold period expiring on the date that is four months and one day after the date of issuance.
About Carl Data Solutions Inc.
Carl Data Solutions is focused on providing next-generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, analysis and reporting tools.
Carl Data continues to develop applications to work with new cloud-based mass storage services and analytics tools (big data as a service (BDaaS)) to provide
scalability for municipalities, utilities and other industrial verticals. These data collection and storage methods allow the company to build smart software-as-a-service-based applications that can collect data from many diverse
sources and provide deep insight for decision-making purposes.
Chris Johnston, D Gregory Johnston, Rick Sanderson, Jason Wesley Scharfe, Bryan Segal
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