NowVertical Group Inc. Announces SOC 2 Type II Certification and Provides Corporate Update
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TORONTO, March 06, 2023 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”) is pleased to announce our recent System Organization Control (“SOC 2”) Type II certification. This enables NOW to better serve the needs of our global enterprise and government customers ensuring the Company’s data management practices and organizational controls meet the highest international standards.
“Obtaining the SOC 2 certification reinforces NOW’s ongoing commitment to the security, availability, and processing integrity of NOW’s network and technologies,” said Daren Trousdell, Chairman and CEO of NOW. “By centralizing our certifications, we are enabling the companies we acquire to operate securely, more effectively, and in a globally compliant manner. As a key benefit of NOW’s global platform, our certification demonstrates our commitment to maintaining the highest level of security, privacy, availability, and confidentiality for our enterprise and government customers.”
SOC 2 is a technical auditing process conducted by independent auditors who measure the availability, security, and integrity of an organization’s unique data processing systems and determine whether adequate safeguards and controls are in place. To comply with SOC 2, NOW demonstrated it had established rigorous policies and procedures in accordance with the Trust Services Criteria for security, availability, and confidentiality. Additionally, the report verifies the internal controls which have been designed and implemented to meet the requirements for the security principles. This independent validation of security controls is crucial for organizations operating in highly regulated industries such as financial services, which NOW is now moving towards.
The Company also announced today that, further to the completion of its marketed public offering of 9,631,500 units (the “Units”) of the Company at a price of $0.52 per Unit for aggregate gross proceeds of $5,008,380, which includes the partial exercise of the over-allotment option, it has received approval of its application to list the 9,631,500 subordinate voting share purchase warrants forming part of the Units (the “Warrants”) on the TSX Venture Exchange (the “TSXV”). The Warrants will commence trading on the TSXV on March 7, 2023 under the trading symbol “NOW.WT.B”. The Warrants were issued pursuant to, and are governed by, a warrant indenture between the Company and TSX Trust Company dated February 28, 2023 a copy of which is available under the Company’s profile on SEDAR at www.sedar.com.
Each Warrant entitles the holder to purchase one subordinate voting share of the Company at an exercise price of $0.80 until February 28, 2026.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About NowVertical Group Inc.:
NOW is a Vertical Intelligence (VI) software and solutions company growing organically and through acquisition. NOW’s VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure, and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the Company, visit www.nowvertical.com.
Neither the TSXV 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.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the listing of the Warrants, regulatory approval for the listing of the Warrants and the future success of the Company’s business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause results to differ materially from those discussed in the forward-looking statements, including, among other things, failure to complete the listing of the Warrants and the need to satisfy regulatory and legal requirements with respect to the proposed listing of the Warrants. Therefore, readers should not rely on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise any forward-looking statement publicly, whether as a result of new information, future events or otherwise.
For further information, please contact:
Daren Trousdell, Chief Executive Officer
e: [email protected]
t: (212) 302-0868
Glen Nelson, Investor Relations
e: [email protected]
t: (403) 763-9797