Carl Data Solutions, a Vancouver based developer of the big data as a service solution Carl has announced that it has entered into a settlement and release agreement for a lawsuit that stemmed from the acquisition of FlowWorks in October 2015.
Carl Data Solutions entered into a settlement and release agreement (the “Settlement Agreement”) with Timothy Hicks, 5346 Investments, Ltd. and Kerr Wood Leidal Associates, Ltd., whereby the parties agreed to settle a lawsuit relating to the dissent by Mr. Hicks to the acquisition of FlowWorks by the Company.
FlowWorks agreed to pay Mr. Hicks US$1,000 within 30 days of the Settlement Agreement becoming effective (paid) and pay Mr. Hicks an additional US$10,000 within 30 days of the Settlement Agreement becoming effective (paid). In addition, FlowWorks agreed to pay Mr. Hicks US$100,000 within 90 days of the Settlement Agreement becoming effective.
In addition, pursuant to the Settlement Agreement, the Company is required to issue to Mr. Hicks:
- 444,444 common shares of the Company (the “First Tranche Shares”) within five business days of the Settlement Agreement becoming effective (issued),
- 444,444 common shares (the “Second Tranche Shares”) within ten business days of the Settlement Agreement becoming effective (issued), and
- 44,444 common shares (the “Third Tranche Shares” and, together with the First Tranche Shares and the Second Tranche Shares, the “Shares”) within six months of the Settlement Agreement becoming effective.
FlowWorks is a SaaS based environmental monitoring solution that allows companies to track environmental data in real time and recieve instant alerts via email, SMS and Voice.
Carl Data Solutions Inc. is focused on providing next generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, analysis and reporting tools.