SDI Signs Distribution Agreement with the Bob Barker Company
September 13 2016 - 6:00AM
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160913005541/en/
SDIDean Thrasher, 905-582-6402 ext 104President &
CEOwww.securitydii.com
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