MONTRÉAL, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (the "Company" or "Siyata") (SIM.V) (SYATF) wishes to make the following statements regarding certain market activity surrounding the Company's common shares that trade on the OTC Markets.
On November 8th, 2017, the Company was notified by the OTC Markets about certain promotional activities in relation to the Company's common shares traded on the OTCQX, including certain promotional newsletter references. The Company was not aware of any promotional activities until notified of same by OTC Markets and is unaware of the full nature of the promotional activity or the responsible parties.
Upon reviewing the content of the material, the statements and claims made were taken from the Company’s websites, power point presentations, quotes from historical press releases and information from the OTC Markets website which are factual and non-misleading. However, there are statements made which encourage investors to purchase shares of SYATF, which only express the view of the authors. The Company encourages investors to contact their investment advisors.
The common shares of the Company listed on the OTCQB on May 11th, 2017 and upon meeting certain requirements, listed on the OTCQX July 25, 2017. Since the Company commenced trading on the OTC markets, the volume has averaged ~33,500 shares per day. During the same period, trading volume has averaged ~441,000 shares per day on the Company’s principal market in Canada.
On November 8th, 2017, the Company disseminated a news release announcing it has received commitments from three cellular operators for its newly launched U7 HULK Clamshell device in the order of $1.2M CDN. After this announcement, the shares traded ~113,000 shares on the OTC market and ~1,156,611 shares on the Company’s principal market in Canada.
The Company attributes any increased trading volumes on the OTCQB to the contents of its November 8th, 2017 news release and the continued positive advancements of the Company’s business.
After inquiry, the Company confirms that its officers, directors or its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities), or third-party service providers have not, directly or indirectly, authorized or been involved in any way with the creation or distribution of these promotional materials.
After inquiry, the Company confirms that none of its officers, directors or its controlling shareholders, (i.e., shareholders owning 10% or more of the Company's securities) have purchased or sold shares in the last 90 days except for one director and one controlling shareholder who have sold shares in the context of the market and made all required filings in connection with such trades. Further information on these transactions can found at www.canadianinsider.com
Since November 1, 2016, the Company has engaged KIN Communications Inc., to provide investor relations services in Canada and PCG Advisory Group for investor relations services in the United States. Both remain under contract. The Company also retained the services of Paradox Public Relations for public relations services. This contract ended in October 2017.
The Company has been advised that PCG Advisory Group and Paradox have not bought or sold shares in the previous 90 days while KIN Communications Inc. has, in context of the market, during this period.
In the last 24 months the Company has completed two private placement transactions at allowable discounts to the market price at the time the financings were announced. On March 16, 2017 the Company issued 12,835,000 units at $0.40 CDN per unit. On June 10, 2016 the Company issued 8,299,714 units $0.35 per unit. At the time of issuance all private placement securities were subject to applicable statutory hold periods.
Siyata Mobile Inc. is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the Uniden® Cellular brand. Since developing the world’s first 3G connected vehicle device, Siyata has been a pioneer in the industry, launching the world’s first 4G LTE all-in-one fleet communications device in 2017. Incorporating voice, push-to-talk over cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world.
Siyata also offers rugged phones for industrial users and signal boosters for homes, buildings, and fleets with poor cell coverage. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the U.S., Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Chairman
PCG Advisory Group:
Kirin Smith, Chief Operating Officer
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.