SDI Signs Distribution Agreement with the Bob Barker Company
FITCHBURG, Mass.--(BUSINESS WIRE)-- (TSX-V:SDZ) (OTCBB:SDEV)
Security Devices International Inc. (“SDI” or the “Company”) is pleased to announce the signing of a sales and distribution agreement with the Bob Barker Company (“Bob Barker”), the nation’s preeminent correctional services supplier, for distribution of SDI’s products through their Officers Only distribution network.
The Bob Barker company was founded in 1972 by Robert “Bob” Barker, Sr., the country’s leading detention center supplier, that delivers innovative products and services to federal, state and local government agencies, as well as select businesses. Their headquarters and distribution center is located in Fuquay-Varina, North Carolina with an additional distribution and sales center located in Ogden, Utah. The company is a privately owned, family-run business whose core values are centered on integrity, service, excellence, innovation and unity.
A division of the Bob Barker Company, “Officers Only” is a reliable source for quality apparel and offers a broad and diverse product lineup of protective and essential equipment that are brand recognized and trusted by law enforcement, corrections, military and public service office.
SDI’s President Dean Thrasher commented, “Bob Barker is an anchor in the correctional services sector, which is one of our strongest markets domestically. We are very pleased to be represented by the Bob Barker/Officers Only distribution network”.
Additionally, effective September 15, 2016 Allen Ezer has resigned as Executive Vice President to pursue other opportunities. SDI thanks Mr. Ezer for his years of service, and wishes him success in his new endeavours. He will remain as a Director until the upcoming Annual General Meeting. Northeast Industrial Partners will take on the sales position of Mr. Ezer in the interim, to ramp sales. A search is underway for a new VP of Sales.
Security Devices International Inc. also reports that it has made the first share issuance to Northeast Industrial Partners under the consulting agreement announced on June 20, 2016. SDI issued 488,851 common shares at a deemed price of $0.1322 per share to satisfy the payment of USD $50,000 due on August 15, 2016. The shares will be subject to a four-month hold period expiring on January 13, 2017.
The issuance of shares to Northeast Industrial Partners is the first of four such issuances to occur over the period ending May 15, 2017, as described in the June 20, 2016 news release. Northeast Industrial Partners is controlled by Bryan Ganz, who was recently appointed to the board of directors of SDI. As a condition of issuing additional shares under the consulting agreement, SDI must obtain disinterested shareholder approval. SDI will seek that approval at its next Annual General Meeting.
Northeast Industrial Partners is a related party of SDI under Multilateral Instrument 61-101 ("MI 61-101"). SDI is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101.
Furthermore, SDI will be issuing 25,000 options to a sales consultant of SDI for services rendered. The options have an exercise price of $0.14 and will expire on August 17, 2021.
NEITHER THE 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.
Dean Thrasher, 905-582-6402 ext 104
President & CEO
Source: Security Devices International Inc.
Released September 13, 2016