Edmonton, Alberta--(Newsfile Corp. - August 25, 2023) - Everyday People Financial Corp. (TSXV: EPF) ("Everyday People" or the "Company"), a Canadian-based revenue cycle management ("RCM") consolidator and financial service provider, is pleased to announce the appointment of Graham Rankin as Co-CEO alongside our current CEO Barret Reykdal. In their new roles Graham Rankin and Barret Reykdal will lead the Company as co-CEOs, with Graham Rankin leading the Company's RCM business line and Barret Reykdal leading the Company's Financial Services business line. Graham will also succeed David Robinson, who is retiring from the Company's Board of Directors after serving as a director of Everyday People since August of 2022.
"We wish to express out gratitude to Mr. Robinson for his valuable contributions to our Board during his time as director and service on our audit and Corporate Governance committees, and wish him all the best in his future endeavors," said Gordon Reykdal, Executive Chairman of Everyday People.
"It is with great pleasure to welcome Graham to now serve as Co-CEO and Director of our Company," said Gordon Reykdal, Executive Chairman of Everyday People. "We are confident that Graham and Barret as co-CEOs will effectively lead their respective business lines in order to drive accelerated growth of the Company's RCM and Financial Services business."
Issuance of Restricted Share Units
The Company is also pleased to announce that the Board of the Company has granted an aggregate of 315,000 restricted share units ("RSUs") to certain officers of the Company pursuant to its omnibus share incentive plan (the "Plan"). The Board of the Company also approved an additional aggregate of 310,000 RSUs to be granted during the last half of 2023 to certain officers of the Company, pursuant to the Plan. Each RSU entitles the recipient to receive, once vested, one common share in the capital of Everyday People. The RSUs shall vest one year from the date of grant. The Company's Plan provides for the grant of options ("Options"), RSUs, performance share units ("PSUs" and together with the RSUs, "Share Units") and deferred share units ("DSUs" and together with the Options and Share Units, "Awards"). The Plan includes a "rolling" stock option plan component that sets the maximum number of common shares in the capital of the Company ("Common Shares") reserved for issuance, in the aggregate, pursuant to the exercise of Options granted thereunder, together with the number of Common Shares reserved for issuance pursuant to the settlement of Share Units and DSUs granted under the Plan and the number of Common Shares reserved for issuance pursuant to any other security based compensation arrangement of the Company, at 10% of the number of Common Shares issued and outstanding on a non-diluted basis from time to time. In addition, the Plan sets the maximum number of Common Shares reserved for issuance, in the aggregate, pursuant to the settlement of Share Units and DSUs granted under the Plan at 5,000,000 Common Shares. The Company's Plan was approved by the Company's shareholders at its Annual and Special Meeting held July 28, 2023. On August 14, 2023, the Plan received final acceptance approval from the TSX Venture Exchange.
PDC Acquisition Update
On July 20, 2023, the Company announced that it had entered into a share purchased agreement with the shareholders of Pastdue Credit Solutions Limited ("PDC") to acquire (the "Acquisition") 100% of the issued and outstanding shares in the capital of PDC. The completion of the Acquisition is subject to conditions customary for transactions of this nature, including, but not limited to, the receipt of all requisite third party and regulatory approvals, including the acceptance of the TSX Venture Exchange and the Financial Conduct Authority ("FCA") in the UK. The Acquisition was anticipated to close on or before August 18, 2023. The Company has received TSX Venture Exchange conditional approval, and the FCA approval process is underway. The Acquisition is an arm's-length transaction, and no finder's fee is to be paid in connection with the Acquisition.
About Everyday People Financial Corp.
Everyday People is a revenue cycle management consolidator founded on the belief that everyone deserves a second chance to reestablish and build credit and have access to affordable credit options. We are headquartered in Edmonton, Alberta Canada with operations in Canada and the United Kingdom. We are changing the way revenue cycle management agencies work by enhancing our client services with affordable financial products and literacy programs. Utilizing our own specialized credit facilitation products, we're helping debtors rebuild their financial health and generational wealth.
For more information visit: www.everydaypeoplefinancial.com.
Everyday People Financial Corp. Contact
Gordon Reykdal
Executive Chairman of Everyday People Financial Corp.
letsconnect@epfinancial.ca
1 888 825 9808
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, the business, plans, strategy and operations of the Company. Such factors include, but are not limited to, the timely receipt of all required third party and regulatory approvals, including the acceptance of the TSX Venture Exchange, as well as other risks and uncertainties, including those described in the documents filed by the Company on SEDAR+ at www.sedarplus.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
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