NowVertical Group Obtains Court Decision

TORONTO, Jan. 30, 2024 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (“NowVertical” or the “Company”) (TSX-V: NOW) (OTCQB: NOWVF) has obtained an injunction from the Ontario Superior Court of Justice against Daren Trousdell, a shareholder and former director and officer of the Company.

Among other things, the injunction prohibits Mr. Trousdell, and any other person acting jointly or in concert with him, from directly or indirectly and in any way:

• acquiring any securities of the Company;
  
  
• selling or agreeing to sell any securities of the Company except to the extent that the aggregate consideration received from such sales does not exceed more than $125,000 USD per quarter;
  
  
• engaging in any short sale of the Company’s shares;
  
  
• soliciting or participating in the solicitation of any proxies;
  
  
• seeking to advise or influence any person with respect to the voting of any securities of the Company;
  
  
• seeking representation on the Company’s board of directors;
  
  
• seeking to control or influence the board, management or policies of the Company;
  
  
• interfering in any way with any contractual relationship or other business of the Company;
  
  
• engaging in any discussions, or advising, assisting or encouraging any other person in connection with the foregoing; or
  
  
• corresponding with other Company shareholders in respect of any of the foregoing.
  
  

Accordingly, any breach of the above will result in a breach of the Court’s judgment. The Company will now proceed with a private and confidential arbitration with Mr. Trousdell in which it is seeking remedies for Mr. Trousdell’s recent conduct. The injunction will remain in place until the arbitrator renders his decision.

In addition, as Mr. Trousdell disclosed in his press release of January 18, 2024, he is contractually required to vote all of his shares, howsoever controlled, in favour of any resolution put to a shareholder vote that is recommended by the Company’s management or board of directors until at least December 31, 2024.

NowVertical looks forward to putting the distraction caused by recent events behind it and will continue to focus on generating value for all stakeholders.

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 into private and public verticals globally. 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.