Vancouver, British Columbia--(Newsfile Corp. - August 26, 2021) - Euro Asia Pay Holdings Inc. (CSE: EAP) ("EAP" or the "Company"), a leading fintech solutions provider in the North American education industry, announces that the Company has granted a total of 1,535,000 incentive stock options to various directors, officers and employees of the Company. Each option vests immediately, is exercisable into one common share of the Company at a price of $0.26 per share for a period of five years, and is governed by the terms of EAP's stock option plan.
Of the foregoing options, 1,035,000 or 67% were granted to employees who are neither directors nor officers of the Company. Following the grants, EAP has 5,405,000 outstanding incentive stock options, representing 7.9% of the Company's issued and outstanding common shares.
In addition, EAP announces that the Company has entered into a letter agreement with Darren Cudmore regarding the provision of market stabilization and liquidity services (the "Letter Agreement"). Pursuant to the Letter Agreement, the Company will pay Mr. Cudmore a fee of $5,000 per month in exchange for Mr. Cudmore maintaining a reasonable market for the Company's common shares and generally improving their liquidity. The engagement is ongoing on a month-to-month basis, may be terminated by either party upon 15 days' written notice, and is not intended to constitute a formal market making agreement.
There are no performance requirements contained in the Letter Agreement and Mr. Cudmore will not receive any securities from the Company as compensation for his services.
Finally, EAP announces that Charles Newton Price has stepped down as the Chief Growth Officer of the Company in order to pursue other opportunities. The Company would like to thank Mr. Newton Price for his contributions and wishes him success in his future endeavours.
About Euro Asia Pay Holdings Inc.
Euro Asia Pay Holdings Inc. is a developer of innovative financial solutions for the next generation of consumers. Its first product, SideKick, enables parents to transfer, control and monitor payments to their children in a simple, intuitive manner. The product includes a student-facing mobile application, a prepaid student payment card and a parent portal, among other features.
To learn more about EAP's products and services, visit www.euroasiapay.com.
On Behalf of the Board of Directors
Peter MacKay
Chief Executive Officer & Director
For further information, please contact:
Peter MacKay
Chief Executive Officer & Director
(800) 508-8813
ir@euroasiapay.com
For all media queries, please contact:
Swati Mehta
PR Associates
(403) 804-0768
smehta@prassociates.com
The CSE has not reviewed, approved or disapproved the content of this news release.
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