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Litelink Technologies welcomes Telus veteran Peter Green as CEO; unveils share consolidation

Green most recently served as president of business solutions at Canadian telecoms giant Telus

LiteLink Technologies Inc. -
Green will also join the board along with experienced executives Aleem Nathwani and Mike Devine

Litelink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) unveiled its new CEO on Friday, Telus veteran Peter Green, along with a host of new faces at the board level.

Green has extensive leadership experience in both large corporations and small businesses in the cloud technologies, AI, mobile and telecommunications sector. He most recently served as president of business solutions at Canadian telecoms giant Telus.

In a statement Friday, Green said he was “excited” to join the British Columbia-based technology firm.

READ: LiteLink Technologies forges new Latin American partnership with Control Union Guatemala

“2021 marks an important inflection point in the company's advancement,” Green said. “The quality of our incoming personnel reflects our commitment to making continued investments in strong management teams coupled with strong emerging technologies that are disrupting multiple technology sectors poised for growth."

Green will also join the board along with experienced executives Aleem Nathwani and Mike Devine, according to the company.

"The global pandemic has allowed for industries to innovate much quicker and adapt to the times, we will play an important role to facilitate investment growth in this process,” Green added.

“Now is the time for companies such as ours to flourish, with the right strategy and team in place. Moreover, I am eager to work with the talented team, we are committed to create value for our shareholders and will be keeping you current on our exciting road ahead."

Share consolidation

In connection with the management reshuffle, Litelink also said it will proceed with a 2.5-to-1 share consolidation that was previously approved by shareholders in October. Following the consolidation, the company will see its shares reduce from just over 172 million to around 69 million.

Litelink also announced plans to offer up to 10 million post-consolidation shares priced at C$0.10 to raise proceeds of $1 million.

The company also said that it has cancelled a total of 8 million incentive stock options granted to a former officer and exercisable at a price $0.35 until August 3, 2023. Following the cancellation, the company has 6,070,000 options outstanding. The option plan allows the board of directors to issue the equivalent of up to twenty percent of the issued and outstanding share capital of the company.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: LiteLink Technologies Inc.

Price: 0.11 CAD

CSE:LLT
Market: CSE
Market Cap: $18.96 m
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