From the Wires
Novra CEO's Performance Review and Compensation
By: PR Newswire
Feb. 9, 2018 06:16 PM
WINNIPEG, Feb. 9, 2018 /CNW/ - Novra Technologies Inc. ("Novra") (TSX-V: NVI). With Novra's acquisition of controlling interest of Wegener Corporation (Wegener) on December 29, 2017, the Board of Directors met this week to review the CEO's performance over the past 24 months and adjust his compensation.
The Board acknowledged and commended Novra's CEO, Harris Liontas, for the significant corporate achievements over the past 24 months resulting in increased shareholder value and positioning Novra for future acquisitions and market share growth. Key achievements noted were:
The board further noted that from 2005 to 2016 the CEO reduced his salary from $160,000 to $15,000 per annum to enable Novra to pay back loans totalling more than $1,250,000 plus accrued interest to the Crocus Investment Fund and the Manitoba Science & Technology Fund and fund other operating expenses. During those years, only $305,000 in additional salary obligation was accrued and none of that has been paid out.
The CEO's decision to forgo 90% of his salary has kept over $1.9M in the company over the ensuing 12 year and has prevented Novra from having to raise that capital, avoiding a potential significant dilution to shareholders' stock. Using equity to raise this capital would have required Novra to issue as many as 27 million new shares causing a greater than 55% dilution to the 22 million total shares outstanding in 2006.
CEO 2018 Remuneration and Performance Bonus Approved by the Board
The Directors have set the CEO's 2018 annual remuneration at $200,000.
The Directors approved a CEO performance bonus of $1.3M contingent on any one or more of the following future conditions being met, at which point the performance bonus would immediately become due:
The CEO, at his discretion, has the option to receive the performance bonus in any one or combination of the following three forms, at the time the performance bonus is issued:
About Novra Technologies Inc.:
Novra (TSX-V: NVI) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.
For more information visit: www.novragroup.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Novra Technologies Inc.
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