TORONTO and BEIT SHEAN, Israel, June 29, 2021 /CNW/ - K.B. Recycling Industries Ltd., conducting business as Alkemy (www.alkemy.solutions) ("Alkemy" or, the "Company"), (TSXV: AKMY) (TSXV: AKMY.WT) a leading environmental technology company, announces it has granted 2,756,264 restricted share units to Amichai Krupik (Founder, Technology & Innovation). Each restricted share unit represents the right to receive one Ordinary Share (the "Restricted Share Units"), subject to certain vesting conditions, in accordance with the terms of the Company's 2020 Global Equity Incentive Plan and the Israeli Addendum thereto as well as ratification by the shareholders and the upcoming annual and special meeting of shareholders of the Company.
The Restricted Share Units will vest into Ordinary Shares, subject to Mr. Krupik's continuing to be an employee of the Company, as to: (i) 1,378,132 Restricted Share Units upon an operational manufacturing site being established by the Company outside of Israel within five years from the date of the grant; and (ii) 1,378,132 Restricted Share Units upon a second operational manufacturing site being established outside of Israel within five years from the date of the grant.
The Company also wishes to correct certain disclosure in its press release dated June 4, 2021 respecting the closing of its latest private placement. The press release incorrectly refers to a number of 2,168,964 units having been issued. The correct number of units issued was 4,337,928. All other information in the press release is accurate.
About Alkemy (K.B. Recycling Industries Ltd.)
Alkemy is an environmental technology company based in Israel that has developed a unique plastic recycling process for plastic bags and sheets traditionally not considered economically viable for recycling, and as such, have become one of the largest plastic pollutants in the world. Alkemy employs a dynamic one-step process that does not require separate recycling and production plants. Alkemy's process includes both recycling and finished product manufacturing in a single process called "waste-to-product", allowing Alkemy to reduce the cost of the recycled plastic as raw materials, and increase the profit margin per metric ton.
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company's business.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in such forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the "Risk Factors" section of the Management's Discussion and Analysis of the Company dated April 30, 2021 should be considered carefully.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information,. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE K.B. Recycling Industries Ltd.
For further information: Shmuel Porre, Chief Executive Officer, K.B. Recycling Industries Ltd., Tel: +972526016888, Email: firstname.lastname@example.org; Noah Hershcoviz, Managing Partner, A-Labs Finance & Advisory Ltd., Tel: +972522357470 (IL), +16476855890 (CA), Email: email@example.com