Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Marble Financial Inc. (CSE: MRBL) (OTC Pink: MRBLF) (FSE: 2V0) ("Marble" or the "Company") an AI-driven financial technology company, is pleased to announce that Frederik Westra has been appointed to the Company's Advisory Board.
Frederik Westra is a financial services and capital markets executive with 17 years of experience in the industry managing and developing teams and processes providing services in equities, fixed income, foreign exchange, financing, and mergers and acquisitions to institutional investors and corporate issuers. Most recently, he served as Head of Capital Markets at one of Canada's largest securities dealers, Industrial Alliance Securities Inc. where he oversaw research, investment banking, equity and debt capital markets/syndication, as well as institutional sales and trading across all products.
Earlier in his career, he also worked in equity research roles at a Canadian Bank and one of Canada's largest independent dealers. Fred holds a Bachelor of Commerce from the John Molson School of Business in Finance and Economics where he graduated with Honours.
"We are pleased to welcome Frederik to our Advisory Board," said Karim Nanji, CEO of Marble. "Given his successful career spanning over a decade within capital markets and corporate finance, he will be able to draw from his expertise to assist our future growth. We look forward to working with him on accomplishing our corporate objectives."
"I am excited to work with Karim and the Marble team,” said Frederik Westra. “Marble has assembled an exciting collection of fintech capabilities that are uniquely positioned to address large and growing challenges in today's financial services marketplace, for both FI's and their clients, across a broad spectrum of products. I look forward to sharing my experience and helping the team execute and realize their strategic vision."
Marble also announces the grant of 400,000 restricted share units (each, an "RSU") to Frederik Westra, pursuant to the Company's long-term performance incentive plan (the "LTIP"). Each RSU represents the right to receive, once vested, one common share in the capital of the Company. The RSUs vest as to 25% on each of the dates that is three, six, nine and twelve months from the date of grant. The grant of the RSUs are subject to approval from the CSE.
The Company has also granted an aggregate of 1,400,000 stock options under the Company's stock option plan to its directors, and a certain consultant. These options expire in five years and vest as follows: one million stock options vest the date of grant; and 400,000 stock options vest in equal one-quarter amounts every three months from the date of grant. The stock options are issued at $0.13 per share.
The Company would like to announce that the first year Annual Incremental Revenue ("AIR") Earn-out provision that was part of the Inverite Verification Inc acquisition which closed on April 12, 2021, has been met and that 1.577M shares have been issued to the seller. The shares will be legend based on the following release schedule.
- 20% of the Earn-Out Shares after four months and one day from the date of issue;
- 10% of the Earn-Out Shares after nine months from the date of issue;
- 15% of the Earn-Out Shares after 14 months from the date of issue;
- 20% of the Earn-Out Shares after 19 months from the date of issue; and
- 35% of the Earn-Out Shares after 24 months from the date of issue.
About Marble Financial Inc. (CSE: MRBL) (OTC Pink: MRBLF) (FSE: 2V0):
Marble's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the MyMarble Platform and through Inverite.
For further information about Marble, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: ir@marblefinancial.ca
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words beliefs, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements do not guarantee future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Marble, are forward-looking and involve risks and uncertainties. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law
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