Converge Technology Solutions Announces the Commencement of OTCQX Trading, Retains Investor Relations Consultants and Market-Maker
TORONTO, May 6, 2019 /CNW/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSXV: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to announce that its common shares are now trading on the OTCQX Best Market under the ticker symbol of CTSDF. The OTCQX Best Market is the highest market tier of OTC Markets on which 10,000 U.S. and global securities trade. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. Converge's common shares will continue to trade on the TSX Venture Exchange under the symbol CTS, and on the Frankfurt Stock Exchange under the symbol 0ZB.
The OTCQX Best Market provides value and convenience to U.S. investors, brokers and institutions seeking to trade CTSDF. The OTCQX Best Market is OTC Markets Group's premier market for established, investor-focused U.S. and international companies. To be eligible, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction.
Converge is in the process of securing Depository Trust Company ("DTC") eligibility for its common shares. DTC manages electronic clearing and settlement of publicly traded companies across the United States and in 131 other countries. Trading through DTC allows for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com/stock/CTSDF/quote.
"We are pleased to reach the milestone of trading on OTCQX, as this will make it easier for our U.S. employees and investors to invest in Converge by reducing the requirement of having a Canadian trading account," confirmed Shaun Maine, the CEO of Converge. "Additionally, the timing is favourable to allow the commencement of our employee stock purchase program that Converge Shareholders will be voting on at our Annual General Meeting on Thursday, May 9th."
Converge also announces that it has retained Mackie Research Capital Corporation ("MRCC") to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. Under the terms of the agreement, MRCC will receive $4,000 per month. There are no performance factors contained in the agreement and MRCC will not receive shares or options as compensation.
Additionally, Converge has retained First Canadian Capital Corp. ("FCC") to provide consulting services consisting of investor relations and corporate communications. Under the terms of the agreement, the Company will pay FCC a monthly retainer fee of $10,000 for professional services.
About Converge Technology Solutions
Converge Technology Solutions building a platform of regionally focused Hybrid IT solution providers that deliver best-of-breed solutions and services to clients. These capabilities are enhanced by advanced expertise in cloud solutions, artificial intelligence, blockchain, resiliency, and managed services, enabling Converge to address the business and IT challenges that public and private-sector organizations face today. To learn more about Converge, visit www.convergetp.com
SOURCE Converge Technology Solutions Corp.
Mary Anne Palangio, Chief Financial Officer, Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495; Virtus Advisory Group, Shareholder Inquiries, Email: [email protected], Phone: 416-644-5081
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