May 17, 2024 – Vancouver, Canada – Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) (“Turnium” or the “Company”), announces that, further to its news release dated April 26, 2024, the Company has completed its previously announced shares for debt transaction, pursuant to which the Company has settled outstanding debt to Manning Elliott LLP, by issuing 2,982,189 common shares in the capital of the Company (the “Common Shares”) to Manning Elliott LLP at a deemed price of C$0.079 per Common Share (the “Shares-for-Debt Transaction”). The Common Shares to be issued pursuant to the Shares-for-Debt Transaction are subject to a hold period of four (4) months and one (1) day from the date of issuance.
The Company further announces that the board of directors of the Company has authorized the grant of an aggregate of 2,000,000 incentive stock options (the “Options”) to an officer of the Company, at an exercise price of $0.11 per common share.
The Options are exercisable for a five-year period from the date of grant and shall vest immediately on grant. The Options are granted pursuant to the Company’s amended and restated stock option plan, which was most recently approved by shareholders at the Company’s annual general meeting of shareholders, and remain subject to the approval of the TSX Venture Exchange.
About Turnium Technology Group, Inc.
We make internet connections more secure and reliable for businesses. Our software-defined wide area networking (SD-WAN) software platform is licensed by our global network of channel partners and used to deliver highly reliable and secure connections to the applications and data that their business and enterprise customers need using cost-effective standard internet, wireless, or low-earth orbit satellite services. Compared to other options, the proprietary software-based solution that we offer is easier to manage, more flexible and faster to deploy, and more cost-effective than virtual private network (VPN) solutions or the services offered by traditional telecommunication carriers.
Turnium delivers its SD-WAN solution as a white label, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN is sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
For more information, contact sales@ttgi.io, visit www.turnium.com, or follow us on Twitter @turnium.
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Turnium Contact:
Chairman: Ralph Garcea, Email: rgarcea@ttgi.io, Telephone: +1 416-304-9125
Investor Relations: Bill Mitoulas, email: investor.relations@ttgi.io, telephone: +1 416-479-9547
Media inquiries, please email media@ttgi.io
Sale inquiries, please email sale@ttgi.io
CAUTIONARY NOTES
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.