VoIP-Pal CEO Cancels Anti-Dilution Provision, Forgoes Compensation
WACO, Texas, April 13, 2021 (GLOBE NEWSWIRE) -- VoIP-Pal.com Inc. (“VoIP-Pal”, “Company”) (OTCQB: VPLM) is pleased to announce that CEO Emil Malak has agreed to cancel the anti-dilution provision
in his original contract that required the Company to maintain his 40% ownership in its issued stock, and to return several hundred million shares of common stock to the Company treasury in
exchange for an equivalent number of warrants to purchase shares at yesterday’s closing price. In addition, he has forgiven current accrued compensation owed to him totaling over $318,000,
representing salary for the past three years.
Under his contract for the sale of intellectual property (IP) to VoIP-Pal, Mr. Malak has received 513,535,229 restricted shares, and is due to receive an additional 107,935,333 restricted shares which are not yet issued. He has agreed to return or relinquish any interest in those 621,470,562 shares and instead will receive warrants to purchase 621,470,562 shares of VoIP-Pal common stock at a price of $0.021. In addition, by mutual consent the Anti-Dilution provision has been rendered null and void retroactive to April 1, 2021, and no shares or warrants will be issued pursuant to that clause from that date forward.
On these actions, Mr. Malak said, “I am deeply committed to VoIP-Pal’s success and to increasing value for our shareholders. After careful consideration, I decided to take these steps to strengthen VoIP-Pal and show resolve to the Company. As CEO, my main objective has always been to achieve success alongside all our shareholders, not at their expense.”
Additionally, the Company announces that it has granted up to 100,000,000 options to purchase Common shares to its new directors, management, consultants and advisors. The options will be exercisable for a period of five years at a price of $0.025 per Common share.
About VoIP-Pal.com Inc.
VoIP-Pal.com Inc. is a publicly traded corporation (OTCQB: VPLM) holding a portfolio of patents relating to Voice-over-Internet Protocol (“VoIP”) and other technology that it is currently looking to monetize.
Any forecast of future financial performance is a “forward looking statement” under securities laws. Such statements are included to allow potential investors the opportunity to understand management’s beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment. While the Company believes in the circumstances that legal action is needed to monetize its patents, patent litigation involves various risks and uncertainties that could affect its ability to monetize the patents. We recognize that it is impossible to predict the specific outcomes of litigation.
Corporate Website: www.VoIP-pal.com
IR inquiries: IR@VoIP-pal.com
IR Contact: Rich Inza (954) 495-4600
VOIP-PAL.com Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de