Datametrex Reduces Senior Executives Compensation
TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the Company or Datametrex) (TSXV: DM, FSE: D4G) is pleased to announce that the Senior Management including; Andrew Ryu, Jeffrey Stevens and Steve Kang have voluntarily agreed to reduce their compensation by approximately 40% effective immediately. The Company also completed the integration of back office functions of Nexalogy. As a result, the Company has cut down the number of staff and office space as a part of its cost saving strategy.
Our goal is to grow the business and share price organically rather than doing a share consolidation. The entire team is aligned with our shareholders in getting the Company back on track, says Marshall Gunter, CEO of the Company.
The Company is also pleased to announce completion of its annual and special meeting. At the meeting, Andrew Ryu, Charles Schade, Janeen Stodulski, David Ellison and John McMullen were elected as directors of the Company and KPMG were appointed as auditors for the Company. Additionally, the Companys 10% rolling stock option plan was re-approved and confirmed and shareholders passed a special resolution to change the name of the Company from Datametrex AI Limited to Nexalogy AI Limited as well as a share consolidation plan of up to 8 to 1.
The Companys name will not be changed until the Company files articles of amendment and obtains the necessary regulatory approvals. While the resolution gives discretion to the Companys board and management to effect the share consolidation, no decision has been made by the Company to complete the consolidation or what the consolidation ratio will be. If and when the Company decides to implement the share consolidation, a further press release will be disseminated with the details of the share consolidation.