Venzee Announces Board and Officer Changes, Founders Agree to Voluntary Share Lock Up

Venzee Technologies Inc (TSXV:VENZ) (“Venzee” or the “Company”) announces Peter Mackay, President and CEO of Venzee, has been appointed to the Board of Directors replacing the vacancy created from the resignation from the Board of Mr. Sylvestre, who will continue to serve as the Company’s CTO. Mr. Issa Nakhleh, Venzee’s CFO, has replaced Caroline Dunn as Corporate Secretary due to her resignation.

The Company also announces that both founders, Kate Hiscox and Marco Sylvestre, have voluntary entered into lock up agreements that will extend the current TSXV imposed escrow release of their holdings. Currently, both founders hold approximately 13.5 million shares of Venzee or 22% of the outstanding total. All of these shares will now be restricted from any trading, unless approved by the Company’s Board of Director, until September 27, 2019. At that date, 55% of their holdings will be free trading and the balance will be released in 15% increments starting January 2020 and each 6 months thereafter.

“Venzee’s founders remain committed to Venzee and its growth, and their voluntary lock-up, as an act of good faith, sending a positive message to our shareholders,” stated Peter Mackay, Director, President and CEO.

About Venzee

Venzee is a data transformation platform that can seamlessly integrate the world’s largest retailers with their suppliers, bringing products to market faster than ever before. Our API replaces manual data entry, resulting in a digital supply chain that increases margins and accelerates revenue. Venzee is leveraging its technology to partner with established supply chain leaders to deliver a real time solution to a global audience.

Venzee operates as a Software as a Service (SaaS), allowing flexibility for enterprise customers of all sizes wishing to improve their digital supply chain solutions. To learn more about Venzee, visit: https://venzee.com/

Investor Relations
Caleb Jeffries
Investor Relations, Kin Communications Inc.
1-866-684-6730
VENZ@kincommunications.com

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the execution of the Company’s growth strategy. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s management’s discussion and analysis for the year ended December 31, 2017 and its latest annual information form filed August 29, 2018, which are available under the Company’s SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither 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.

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Source: globenewswire.com