CALGARY, Alberta, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Tornado Global Hydrovacs Ltd. (“Tornado”, the “Company”, “we” or “us”) (TSX-V: TGH ; OTCQX: TGHLF) is pleased to announce that it has entered into a Letter of Agreement (the “IR Agreement”) with The Howard Group Inc. to direct the company’s capital market and corporate digital communications programs. The IR Agreement is subject to the approval of the TSX Venture Exchange (the “TSX-V”).
The Howard Group will be providing a number of services to Tornado pursuant to the IR Agreement, including management of the Company’s capital markets communications programs, investor engagement and digital media. Based in Calgary Alberta, The Howard Group is a boutique capital markets firm that has represented various other publicly traded companies.
Since 1988, The Howard Group has provided comprehensive outreach and capital markets programs targeting investor, investment and institutional communities as well as financing support and strategic planning for public companies.
Grant Howard, President of The Howard Group commented, “Our specialized team is particularly pleased to be working with Tornado based on our extensive experience and appreciation of the real growth opportunities for the manufacturers of Hydrovac trucks and equipment. Most people have no idea of the multiple applications of Hydrovac trucks for the efficient and safe excavation of utility, pipeline, natural gas and fibre optic corridors and especially so within an urban environment. Tornado is clearly on a growth path and its fundamental performance should be appreciated by the investing public.”
Pursuant to the terms of the IR Agreement, Howard Group will be paid a fee of $10,000 (plus all applicable taxes and out-of-pocket expenses) per month for the 18-month term of the Agreement, subject to termination by either party after the end of the initial 12 months of the term and receive incentive stock options for the purchase of up to 500,000 common shares of the Company effective October 1, 2022. Such stock options have an exercise price of $0.51 per share and are subject to the approval of the TSX-V. To the knowledge of the Company, the Howard Group does not own any common shares of the Company nor, prior to the execution of the IR Agreement, have any right to acquire common shares of the Company.
Additionally, the Company announces that pursuant to the terms of its stock option plan it granted incentive stock options for the purchase of up to 1,825,000 common shares of the Company effective September 15, 2022. 325,000 of the stock options were granted to a strategic consultant and 1,500,000 were granted to certain key employees. Such stock options have an exercise price of $0.51 per share and are subject to the approval of the TSX-V.
About Tornado Global Hydrovacs Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of oilfield and utility professionals with over 1,000 hydrovacs sold since 2005. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in the North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. In China, the Company’s subsidiary is used principally to source certain parts to the Company’s North America operations.
For more information about Tornado Global Hydrovacs Ltd., visit www.tornadotrucks.com or contact:
President & Chief Executive Officer
Phone: (587) 802-5070
The Howard Group
Phone: (403) 221-0904
Certain statements contained in this news release constitute forward-looking statements and future oriented financial information. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements or future oriented financial information. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or future oriented financial information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or, as applicable, such future oriented financial information. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release and the future oriented financial information included in this news release should not be unduly relied upon. Such statements include the statement with respect to: the anticipated receipt of TSXV Approval for the IR Agreement; the anticipated receipt of TSXV Approval of the Options; and; the expectation that the Howard Group will provide management of the Company’s capital markets communications programs, investor engagement and digital media. The forward-looking statements and future oriented financial information contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements and future oriented financial information whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.