TORONTO, ONTARIO, March 21, 2024, NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF), (“NOW” or the “Company”), is pleased to announce that it has resolved all outstanding disputes with Daren Trousdell, a shareholder of the Company, has appointed the Company’s Chief Executive Officer, Sandeep Mendiratta, to the Company’s board of directors (the “Board”), and has commenced a process to appoint an additional independent director who is mutually acceptable to the Company and Mr. Trousdell. In order to accommodate the addition of Mr. Mendiratta, Darrell MacMullin has agreed to resign from the Board.
Mr. Mendiratta joined NowVertical in January 2023 as the Chief Executive Officer of Acrotrend Solutions in connection with NOW’s acquisition of Acrotrend. Mr. Mendiratta was appointed as the Chief Executive Officer of the Company in January 2024 and has a proven track record of scaling businesses, is a seasoned expert in the data analytics industry, and is a well-respected leader within the Company.
“We are excited to enhance and strengthen our existing Board with Mr. Mendiratta bringing the further perspectives of management and a strong understanding of the business in which NOW operates. We believe he will be a valuable addition as we continue to grow the business of the Company”, said Elaine Kunda, Chairman of NOW.
Daren Trousdell, former CEO of the Company and significant shareholder of the Company commented, “I have admired Mr. Mendiratta’s abilities and vision since meeting him in the context of NOW’s acquisition of Acrotrend. I believe that he will add an important perspective to the Board and will make a positive impact on the Board and as the CEO.”
As part of the resolution of all disputes between them, the Company and Mr. Trousdell have agreed to settle and dismiss without costs all ongoing legal proceedings and provide mutual releases in favour of one of one another. The parties have also agreed to certain voting and standstill provisions to preserve alignment between them moving forward, providing the Company with runway as it works to create value for shareholders.
Ms. Kunda stated, “We are happy for the Company to be able to move forward. This agreement allows for the Board to continue to align with one of our largest stakeholders and focus on generating value for all stakeholders.”
Mr. Trousdell states that “I am pleased that the Company and I have resolved our differences and are aligned on a path forward that is focused on creating value for shareholders. I look forward to collaborating productively with Mr. Mendiratta, Ms. Kunda, and the Board in the months ahead”.
The Board would like to thank Mr. MacMullin for his contributions and dedication to the Company.
About NowVertical Group Inc.
NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications to industry and governments through its global platform. NOW's proprietary solutions sit at the foundation of the modern enterprise by transforming AI investments into VI, enabling its customers to minimize their risk, accelerate the time to value, and reduce costs. NOW is rapidly growing organically and through targeted acquisitions. For more information about NOW, visit www.nowvertical.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Andre Garber, Chief Development Officer
IR@nowvertical.com
Glen Nelson, Investor Relations and Communications
e: glen.nelson@nowvertical.com
t: (403) 763-9797
Cautionary Statement
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements”), including, without limitation the appointment of the New Director. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.ca, including the Company’s managements’ discussion and analysis for the year ended December 31, 2022 dated April 28, 2023 and the prospectus supplement (including all documents incorporated by reference therein) dated February 22, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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