NowVertical Group Comments on Press Release Issued by Daren Trousdell

TORONTO, Jan. 18, 2024 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (“NowVertical” or the “Company”) (TSX-V: NOW) (OTCQB: NOWVF), a leading data analytics and AI solutions company, responds to a press release issued by Daren Trousdell, a shareholder of NowVertical and a former officer and director of the Company.

In connection with Mr. Trousdell’s resignation as an officer and director of the Company at the end of May 2023, Mr. Trousdell signed a separation agreement (the “Separation Agreement”). Among other things, Mr. Trousdell agreed that, until December 31, 2024:

• he would not engage in any attempts “to influence the management, board or policies of the Company”;
  
• he would not engage in “any discussions” with other shareholders or “announce or disclose” any “intention or desire” in connection with the management, board or policies of the Company, the acquisition or sale of the Company’s shares, or the solicitation of “proxies”; and
  
• he would vote “in favor of any resolution put to a shareholder vote that is recommended by the Company’s management or board of directors”.
  

Unfortunately, Mr. Trousdell has taken the position that he is not bound by his commitments.

As a result, the Company has regrettably been forced to bring legal proceedings to put an end to these distractions and cautions shareholders not to engage with Mr. Trousdell on these issues while the enforcement of the Separation Agreement is being litigated.

Over the last six months, the Company has acted decisively to position NowVertical for sustainable long-term organic and inorganic growth, improving shareholder value. As previously announced, the Company’s burn rate has been significantly reduced; integration efforts have been oriented towards driving growth opportunities; and, the entrepreneurial leaders of the Company’s operating units have been elevated to lead the next phase of the Company’s organic and inorganic growth.

The board of directors and management team continue to execute on the Company’s transformation strategy and will continue to remain focused on driving value for all stakeholders.

Advisors:

Norton Rose Fulbright Canada LLP is acting as legal counsel to NowVertical. Gagnier Communications LLC is acting as the Company’s strategic advisor.

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.