Toronto, Ontario – (Newsfile Corp. – February 11, 2021) – HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”), a company focused on modernizing and digitizing human resources, is pleased to announce the appointment of Sunil Sharma as Advisory Board Member.
Sunil is the Managing Director of Techstars Toronto. Techstars is the worldwide network that helps entrepreneurs succeed. To date, Techstars has invested in 2,505 start-ups across the globe and is a recognized leader in connecting entrepreneurs, investors, corporations, and entire ecosystems. Techstars operates three accelerators in Canada.
“Sunil is deeply rooted in the technology space, and his advice will be helpful to building out HIRE’s SaaS business to support high-growth start-ups that are fueling innovation and job creation worldwide,” said Simon Dealy, CEO of HIRE. “Sunil has worked with and invested in a wide range of technology companies, making his insights very valuable to our organization, which supports hiring and talent. We are excited to welcome him to our Advisory Board, and in turn, to work with Sunil to support the many start-ups across Canada and the world.”
Previously, Sunil co-founded Extreme Startups (now Highline) and has worked as a venture capitalist with Extreme Venture Partners. Sunil is also a co-host of the massive Collision Conference, which takes place annually in Toronto, bringing more than 30,000 entrepreneurs together online and in-person, and the Director of the Founder Institute’s pre-accelerator programs in both Toronto and Waterloo.
Sunil Sharma commented: “Having worked with and invested in more than 400 unique start-ups over the past decade, I see first-hand the critical role that technical talent development plays in how and if companies grow. I have been long impressed by the high caliber of the talent network that HIRE brings to start-ups and scale-up companies across my network, and I look forward to working more closely with them in support of our many start-ups and their hiring needs.”
The Company announces that the vendors of ProVision IT Resources Ltd. have agreed to accept 206,709 common shares of the Company (the “Shares”) in lieu of $140,000 in purchase price amounts owing to the vendors at a deemed average price of $0.677 per share. The Shares will be subject to a statutory hold period of four months plus a day from the date of issuance of the Shares in accordance with applicable securities legislation. The issuance of the Shares is subject to the TSX Venture Exchange’s (the “TSXV”) final approval.
The Company has implemented a long-term incentive plan substantially in the form approved by shareholders of the Company on October 16, 2020. The maximum number of Shares that may be reserved for issuance upon exercise of incentive stock options, including any Shares reserved for issuance under the Company’s prior stock option plan, is ten percent (10%) of the issued and outstanding Shares of the Company, as it may be from time to time. The aggregate number of Shares reserved and set aside for issue for all other awards under the plan shall not exceed 3,300,000.
The plan includes limitations on the aggregate number of Shares for which awards may be issued (together with all other share compensation plans of the Company) without prior disinterested shareholder approval including a maximum of 5% to any one plan participant within any 12 month period, calculated on the date an Award is granted to the participant, a maximum of 10% to insiders (as a group) at any point in time, and a maximum of 10% to insiders (as a group) within any 12 month period, calculated at the date an Award is granted to any insider. Awards issued to any one consultant within any 12-month period shall not exceed 2% of the outstanding Shares, calculated on the date an award is granted to the consultant. Persons retained to provide Investor Relations Activities (as defined by the TSXV) are permitted only to receive incentive stock options under the plan subject to a maximum issuance within any 12-month period of 2% of the outstanding Shares, calculated on the date an option is granted to such persons. Complete details of the plan are set out in the Company’s information circular dated September 21, 2020, available on SEDAR.
About HIRE Technologies Inc.
HIRE Technologies is building a network of staffing, IT, and HR consulting firms. We help our partners navigate the changing world through growth solutions, focusing on digital transformation. Our partnership model emphasizes our brands’ identity and independence and provides the resources, support, and expertise to take their businesses further. We offer valuable advice and insights to our clients while delivering innovative solutions, enhancing their HR teams, and connecting them with the best people for their business.
For further information, please contact:
HIRE Technologies Inc.
Simon Dealy, Chief Executive Officer
Phone: (647) 264-9196
Neither the TSXV 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 press release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws including, but not limited to, TSXV approval of the shares for debt transaction. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the forward-looking information discussed above. These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.