IRVINE, CALIFORNIA — (Marketwired) — 04/20/17 — Identillect Technologies Corp. (the “Company” or “Identillect”) (TSX VENTURE: ID)(OTCQB: IDTLF), wishes to make the following statements regarding certain market activity surrounding the Company–s common shares.
On April 13, 2017, the Company was notified by the OTC Markets about certain promotional activities in relation to the Company–s common shares, including certain promotional newsletter emails. The Company was not aware of any promotional activities until notified of same by OTC Markets. The Company is unaware of the full nature of the promotional activity or the responsible parties.
The common shares of the Company listed on the OTCQB on March 9, 2017 after becoming DTC eligible on March 7, 2017. On April 10, 2017, the Company disseminated a news release announcing that its subscriber base had grown by 34% over the last two quarters. Since listing on the OTCQB trading volumes have been minimal, as the Company–s primary listing is in Canada on the TSX Venture Exchange. Following the April 10th news release, trading volumes on the OTCQB have increased, as additional investors are now able to trade the Company–s shares. Through this period since listing on the OTCQB, trading volume has averaged 307,000 shares per day on the Company–s principal market place in Canada. The Company attributes any increased trading volumes on the OTCQB to the contents of its April 10th news release, and the continued positive advancement of the Company–s business.
After inquiry, the Company confirms that its officers, directors or its controlling shareholders (i.e., shareholders owning 10% or more of the Company–s securities) have not, directly or indirectly, authorized or been involved in any way with the creation or distribution of promotional materials.
Neither the Company–s officers, directors and, to the knowledge of the Company, any controlling shareholders, sold or purchased shares of common shares of the Company within the last 90 days other than: Robert Mintak, a director of the Company, who purchased 75,000 shares of Company–s stock on April 5, 2017 at Cdn$0.135 per share; Natgar Capital Corp., a company wholly owned by Jeff Durno, a director of the Company and Managerial Insights, LLC, a company wholly owned by Todd Sexton, the CEO and director of the Company, who purchased 850,000 units and 800,000 units, respectively, on January 26, 2017, at CDN$0.06 per unit, pursuant to a private placement transaction. These securities are subject to a statutory hold period in Canada until May 27, 2017.
Since January 1, 2016, the Company has engaged the following third parties to provide investor relations and other related services. On March 9, 2017, the Company announced that it had retained the services of Venture Liquidity Providers Inc. (“VLP”) to provide market-making services and assistance in maintaining an orderly trading market for the common shares of the Company. The market making services are undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd. On May 24, 2016, the Company announced that it had retained the services of Kin Communications Inc. to provide investor relations services.
Over the course of the last year the Company has completed two private placements at prices below yesterday–s closing price of Cdn$0.125. On January 26, 2017, 23,033,334 units were issued at a price of Cdn$0.06 per unit. Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant exercisable for one further common share at Cdn$0.15 per share for a one year period. These securities are subject to a statutory hold period in Canada expiring on May 27, 2017. On March 14, 2017, 3,200,000 common shares were issued at a price of Cdn$0.10 per common share. These securities have a statutory hold period in Canada expiring on July 15, 2017.
About Identillect
Identillect (TSX VENTURE: ID)(OTCQB: IDTLF) is a leading provider of proprietary email encryption services. Identillect–s Delivery Trust email security technology platform empowers individuals and businesses of all sizes a cost effective way to create a more secure digital environment and protect against cyber security risks. Delivery Trust is the industries simplest plug and play security solution with a broad range of features including; state of the art encryption technology, restricting email forwarding and printing, receipt confirmation, limiting time available to view, and retracting sent emails. Delivery Trust is available for iPhone®, iPad®, Android, Windows and Mac PC–s and Laptops and the web–s most popular email platforms. Since commercializing the product, Identillect has quickly grown its subscriber base and is becoming recognized in the security industry as a top e-mail security provider. To get more information, visit ; follow us on Twitter or on Facebook @identillecttechnologies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Contacts:
Identillect Technologies Corp.
Todd Sexton
Chief Executive Officer
(949) 468-7878
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
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