NowVertical Group Announces Resolution of Shareholder Dispute and Board Changes

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF), (“NOW” or the “Company”), is pleased to announce that it has resolved all outstanding disputes with Daren Trousdell, a shareholder of the Company, has appointed the Company’s Chief Executive Officer, Sandeep Mendiratta, to the Company’s board of directors (the “Board”), and has commenced a process to appoint an additional independent director who is mutually acceptable to the Company and Mr. Trousdell. In order to accommodate the addition of Mr. Mendiratta, Darrell MacMullin has agreed to resign from the Board.

Mr. Mendiratta joined NowVertical in January 2023 as the Chief Executive Officer of Acrotrend Solutions in connection with NOW’s acquisition of Acrotrend. Mr. Mendiratta was appointed as the Chief Executive Officer of the Company in January 2024 and has a proven track record of scaling businesses, is a seasoned expert in the data analytics industry, and is a well-respected leader within the Company.

“We are excited to enhance and strengthen our existing Board with Mr. Mendiratta bringing the further perspectives of management and a strong understanding of the business in which NOW operates. We believe he will be a valuable addition as we continue to grow the business of the Company,” said Elaine Kunda, Chairman of NOW.

Daren Trousdell, former CEO of the Company and significant shareholder of the Company commented, “I have admired Mr. Mendiratta’s abilities and vision since meeting him in the context of NOW’s acquisition of Acrotrend. I believe that he will add an important perspective to the Board and will make a positive impact on the Board and as the CEO.”

As part of the resolution of all disputes between them, the Company and Mr. Trousdell have agreed to settle and dismiss without costs all ongoing legal proceedings and provide mutual releases in favour of one of one another. The parties have also agreed to certain voting and standstill provisions to preserve alignment between them moving forward, providing the Company with runway as it works to create value for shareholders.

Ms. Kunda stated, “We are happy for the Company to be able to move forward. This agreement allows for the Board to continue to align with one of our largest stakeholders and focus on generating value for all stakeholders.”

Mr. Trousdell states that “I am pleased that the Company and I have resolved our differences and are aligned on a path forward that is focused on creating value for shareholders. I look forward to collaborating productively with Mr. Mendiratta, Ms. Kunda, and the Board in the months ahead.”