TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX VENTURE: ITT; OTC: INOFT; FRANKFURT: 7IT) (“IoT Inc.” or the “Company”) a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions, is pleased to announce that it has appointed Ron Shuttleworth as its Chief Executive Officer. Mr. Shuttleworth succeeds Michael Frank, who has been with the Company since inception and has stepped down to pursue other business opportunities.
IoT Inc’s Board of Directors is confident this change in leadership will build on the Company’s recent business developments and initiatives to enhance its position in the emerging technologies space.
“On behalf of Internet of Things Inc., I would like to thank Michael Frank for his time, efforts and commitment and wish him the very best in his future endeavours,” said Khurram Qureshi, CFO of IoT Inc. “The Company is entering a stage of rapid growth, with global demand for data driven scalable industrial technologies at an all-time high. IOT Inc., now has a senior leadership team with the experience to support both our current business units and the successful execution of our long-term strategy.”
Mr. Shuttleworth brings 25 years of experience in the technology sector as an operator, investor, analyst and investment banker, specializing in M&A and financings. As an operator, he has held positions of CEO, CTO and Product Manager with direct experience in fintech, enterprise software, and marketing automation. Mr. Shuttleworth also has experience as a venture capitalist investing in early stage technologies and as a hedge fund analyst responsible for selecting stocks and balancing risk in a portfolio. He was a top-ranked research analyst for eight years, specializing in technology, media, and communications.
“I am excited to join this emerging enterprise and to bring my experience in building companies, introducing deal flow and raising capital,” said Ron Shuttleworth, CEO of IoT Inc. “I am inspired by the vision that Michael Frank and his team have implemented for emerging technologies and thank him for the foundation that has been put in place. I am looking forward to leading Internet of Things Inc. to its next stage of growth.”
The Company has granted an aggregate of 2,000,000 incentive stock options to Ron Shuttleworth with a two-year term of which 1,200,000 options have an exercise price of $0.05 per share, 400,000 options have an exercise price of $0.135 per share and the remaining balance of 400,000 options have an exercise price of $0.235 per share, subject to certain performance vesting provisions.
About Internet of Things Inc.
Internet of Things Inc. is a strategic investor and operator of emerging technology companies with innovative technology solutions. The Company creates value through its portfolio companies’ expertise in IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations.
The Company owns Weather Telematics Inc., has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd., and has its headquarters in Toronto, Canada.
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Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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