VoIP-Pal CEO Cancels Anti-Dilution Provision, Forgoes Compensation
April 13, 2021 -- VoIP-Pal.com Inc. (“VoIP-Pal”, “Company”) (OTCQB: VPLM) is pleased to announce that CEO Emil Malak has agreed to cancel the anti-dilution provision in his original contract that required the Company to maintain his 40% ownership in its issued stock, and to return several hundred million shares of common stock to the Company treasury in exchange for an equivalent number of warrants to purchase shares at yesterday’s closing price. In addition, he has forgiven current accrued compensation owed to him totaling over $318,000, representing salary for the past three years.
Under his contract for the sale of intellectual property (IP) to VoIP-Pal, Mr. Malak has received 513,535,229 restricted shares, and is due to receive an additional 107,935,333 restricted shares which are not yet issued. He has agreed to return or relinquish any interest in those 621,470,562 shares and instead will receive warrants to purchase 621,470,562 shares of VoIP-Pal common stock at a price of $0.021. In addition, by mutual consent the Anti-Dilution provision has been rendered null and void retroactive to April 1, 2021, and no shares or warrants will be issued pursuant to that clause from that date forward.
On these actions, Mr. Malak said, “I am deeply committed to VoIP-Pal’s success and to increasing value for our shareholders. After careful consideration, I decided to take these steps to strengthen VoIP-Pal and show resolve to the Company. As CEO, my main objective has always been to achieve success alongside all our shareholders, not at their expense.”
Additionally, the Company announces that it has granted up to 100,000,000 options to purchase Common shares to its new directors, management, consultants and advisors. The options will be exercisable for a period of five years at a price of $0.025 per Common share.