Logiq Provides Update on Employee Equity Incentive Plan
NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (NEO: LGIQ) (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, today provided updates on recent executive stock transactions.
Logiq reported that its CEO, Tom Furukawa, sold 13,488 shares to satisfy the payment of withholding tax liability incurred upon the vesting of restricted stock units. It was the first instance of a recently instituted program by third-party employee benefit administrator that allowed the option of partial sale of shares granted to address employee tax withholding obligations. Going forward this will no longer be an option for the company’s corporate officers. The transaction was reported on Form 4 filed with the SEC yesterday.
As previously reported on a Form 4 filed with the U.S. Securities and Exchange Commission (SEC), in August the company’s president, Brent Suen, purchased 24,000 shares of Logiq common stock from the open market at an average price of $3.21 per share.
“Yesterday’s Form 4 filing for Tom’s sale could potentially be mischaracterized as lack of confidence in the company and this is clearly not the case,” stated Suen. “For larger companies such a tax sale is typically not an issue due to their greater stock volume. In light of our current price and volume, we are putting this tax offset mechanism on hold indefinitely.”
In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateApp™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp™ is offered in 14 languages across 10 countries and hree continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: Website | LinkedIn | Twitter | Facebook.
Important Cautions Regarding Forward-Looking Statements
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our competitive position in our industry, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading "Risk Factors" in the Company's Canadian Prospectus.
Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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