VANCOUVER, BC, March 20, 2023 /CNW/ - infinitii ai inc. ("infinitii ai" or the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF), a leader in AI-driven predictive analytics software for Smart City water and Smart Industry infrastructure applications that rely on time-series data, has implemented its Equity Incentive Plan (the "Plan") as approved by shareholders on Nov. 24, 2022.
The Plan provides flexibility to the Company to grant equity-based incentive awards in the form of options, restricted share units, performance share units and deferred share units with the purpose of attracting and retaining skilled employees and senior managers. Pursuant to the Plan, the Company's Board of Directors has approved a grant of options for the purchase of 17,420,000 common shares in the capital of the Company (each a "Share") at a price of $0.10 per Share, expiring on March 20, 2028, to the Company's employees, directors and certain consultants. The Board of Directors has also approved the grant of 4,720,000 restricted share units to the Company's directors and a consultant. All of these securities will vest on the date of grant.
"These incentives will help keep our people focused on revenue growth as we have simultaneously contained costs and received a solid customer reception for the new Machine Learning product portfolio we announced last fall," said CEO Jean Charles Phaneuf. "I would like to thank all of our dedicated employees and consultants who have worked hard to get us to this point. This Equity Incentive Plan is intended to offer further motivation to fulfill our promise in Smart City and Smart Industry markets seeking proven innovation for AI-driven predictive analytics software."
The Plan is a rolling plan which provides that the aggregate maximum number of shares that may be issued upon the exercise or settlement of awards granted under the Plan shall not exceed 20% of the Company's issued and outstanding shares from time to time. The Plan is considered "evergreen", since the shares covered by awards which have been exercised, settled or terminated shall be available for subsequent grants under the Plan and the number of awards available to grant increases as the number of issued and outstanding shares increases.
Further detail on the Plan has been filed at www.sedar.com.
About infinitii ai inc.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai (formerly Carl Data Solutions Inc.) has evolved into a leader in AI-driven predictive analytics for Smart City water and Smart Industry infrastructure applications that rely on time-series data. The Company's customers include the Smart Cities and municipalities of Toronto, Seattle, Miami-Dade County, Boston, Dallas, Region of Peel, Vancouver and Los Angeles County, among others.
infinitii ai services these customers through direct sales and via a trusted partner network that includes engineering and IT companies like AECOM, Core & Main Inc., Kerr Wood Leidal Associates Ltd., K2 Geospatial and SCG Flowmetrix Technical Services Inc.
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA, or public data sets including USGS, NOAA and others – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE infinitii ai inc.
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