ID Watchdog Announces Series C Preferred Shareholder Meeting Results

DENVER, April 13, 2015 /CNW/ -- ID Watchdog, Inc. (TSX VENTURE: IDW) (PINKSHEETS: IDWAF) ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced the voting results from the meeting of the holders of the Series C Convertible Preferred Shares held on  April 13, 2015 in Denver, Colorado.

Series C Convertible Preferred Shares (the "Series C")

On February 24, 2011, the Company issued 3,123.481 shares of Series C of which 3,078.481 are currently outstanding.  Prior to the maturity of the Series C on February 24, 2016, the holders have the right to convert each share of their Series C into 10,000 ordinary shares of the Company (the "Ordinary Shares").  Any Series C outstanding on February 24, 2016 shall be subject to mandatory redemption at a price equal to the then liquidation preference amount of $1,677.53 per share, or a total of $5,164,257, based upon the number of Series C currently outstanding, which the Company shall either pay in cash from available legal surplus or, in the absence thereof, by delivery of a senior note with an interest rate of 15% per annum and a 90 day maturity ("90 Day Note").

Proposed Resolution (the "Resolution")

The Resolution proposed at the meeting was to amend the Series C to extend the maturity date of the 90 Day Note from May 23, 2016 to November 22, 2017.  In consideration of and subject to a holder of any Series C providing a valid proxy and/or voting in favor of the Resolution, the Company shall issue to such holder, subject to final approval from the TSX Venture Exchange (the "TSXV"), a warrant (the "Warrant"), the main commercial terms of which are as follows:

• For each Series C share, the holder thereof shall receive a Warrant to purchase 1,000 Ordinary Shares of the Company;
• The initial exercise price shall be US $0.10 per Ordinary Share; and
• The Warrant shall have a term of three years from its date of issuance.

Any Series C shareholders who provided a valid proxy for and/or voted in favor of the Resolution, but are not a resident of the United States or meet certain other conditions are not entitled to receive Warrant, but shall be entitled to a cash payment from the Company in the amount of $40.00 for each Series C share held by such holder.

Voting Results

Total Votes Cast	Votes For	Votes Against
2,495.085	2,495.085	0

The Resolution passed overwhelmingly as 100% of the Series C Preferred shares voted were voted in favor of the Resolution, which in order to be approved required a minimum of 2/3 of the Series C shares voted at the meeting to vote in favor of the Resolution.  A total of 81.2% of the Series C shares were voted at the meeting.

Subject to final approve from the TSXV, the Company will issue Warrants to purchase 2,493,085 Ordinary Shares of the Company and make a cash payment of $80.00 to the Series C holders who voted their shares.

About ID Watchdog, Inc.

ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.

Forward-Looking Statement

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.

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.

Company Contact:
ID Watchdog, Inc.
Jay B. Lewis
Chief Financial Officer
303-339-8099
[email protected] 
www.idwatchdog.com

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SOURCE ID Watchdog, Inc.