- Management Purchased Approximately 1.06 Million Shares Since Q3 Results
Toronto, Ontario--(Newsfile Corp. - January 14, 2025) - NowVertical Group Inc. (TSXV: NOW) ("NowVertical" or the "Company"), a leading data analytics and AI solutions provider, announces that certain members of executive management have purchased approximately 1.06 million Class A subordinate voting shares in the open market (the "Management Purchases").
The Management Purchases were made following the announcement of the Q3 2024 results on November 14, 2024 where the Company highlighted its near-term goal of achieving US$50 million in annual revenue run-rate and 20% EBITDA margin. These purchases were made by Sandeep Mendiratta, CEO, Shailesh Mallya, EVP of Solutions and Services, Andre Garber, Chief Development Officer and Christine Nelson, Chief Financial Officer (Interim). Including these Management Purchases, management's pro forma ownership is expected to increase to approximately 27%.
"These recent open market purchases by our management are another testament to our team's belief and commitment to our growth trajectory," said Sandeep Mendiratta, NowVertical's CEO. "This commitment comes as we continue to execute on the opportunities to serve our clients' growing demands for data analytics and AI solutions, and further aligns the interests of our management team with our shareholders."
With the substantial completion of the initial integration milestones, NowVertical also announces the appointment of the following individuals as executive officers of the Company, including:
- Santiago Trógolo, EVP LATAM: Santiago now leads NowVertical's operations in the Latin American market and previously served as CEO of CoreBI (acquired by NowVertical in February 2022)
- Shailesh Mallya, EVP of Solutions and Services: Shailesh, co-founder and former Chief Technical Officer of Acrotrend Solutions Ltd. (acquired by NowVertical in January 2023), now leads NowVertical's North America and EMEA business operations
- Mostafa Hashem, EVP of Product & Tech: Mostafa, founder of Smartlytics Consultancy Ltd. (acquired by NowVertical in January 2023), is responsible for NowVertical's first party product innovation and commercialization endeavours
- Pankaj Ghag, EVP of Program Delivery and Operations: Pankaj, the former head of delivery for Acrotrend Solutions Ltd., now oversees NowVertical's seamless global service delivery for NowVertical's clients
"I am also proud to announce the appointment of key contributors to our business as executive officers of NowVertical. Following a year of significant transformation in 2024, we look forward to operating the business on an integrated and robust platform and are poised to achieve our first organic revenue and EBITDA milestones," said Sandeep Mendiratta.
About NowVertical Group Inc.
The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company's AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.
Neither the TSX Venture Exchange 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 release.
Cautionary note regarding Forward-Looking Statements
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: statements pertaining to the issuance of shares in settlement of existing debts, statements pertaining to the ability of the Company to achieve revenue and EBITDA objectives, the approval of the TSX Venture Exchange to the debt settlements, the alignment of the Company's leadership and shareholders, the ability of the Company to capitalize on growth opportunities, and the ability of the Company to achieve synergies from integration of various business arms. 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, certain of which are unknown. 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 or dispositions; 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.com, including the Company's management's discussion and analysis for the year ended December 31, 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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