Fitchburg, MA - June 20, 2016 (TSX-V: SDZ) (OTCBB: SDEV) -- Security Devices International Inc. ("SDI" or the "Company") today announced that Gregory Sullivan has resigned as President and CEO to pursue other opportunities, effective July 15, 2016. Mr. Sullivan will assist management in a smooth transition with ongoing projects and relationships until the July 15, 2016 date.
Dean Thrasher, the current COO and a member of the SDI board of directors will assume the interim role of President and CEO. Mr. Sullivan will remain on the board of directors until his replacement is appointed and receives stock exchange clearance, or September 1, 2016, whichever occurs first.
The Company has signed a one-year consulting agreement with Northeast Industrial Partners LLP ("Northeast"), which is headed up by Mr. Bryan Ganz. Northeast will assist SDI with sales & marketing, expansion of the Company's product range, review of operations, implementation of cost control measures, development of strategic alliances and financial oversight. Mr. Ganz brings more than 30 years of experience in sales management, manufacturing, new product design and development as well as mergers & acquisitions. During his career Mr. Ganz has bought, built and sold more than half a dozen global businesses with combined sales in excess of $1.0 billion. Most recently, Mr. Ganz sold Maine Industrial Tire LLC to Trelleborg (based out of Sweden), for $67 million generating a 7.0x return to investors over a three-year period.
For their services and subject to stock exchange approval, Northeast will be issued a value of US$200,000 in SDI stock in four quarterly installments over the 12-month period ending May 15, 2017.
The first quarterly installment is due August 15, 2016. The stock will be priced at the volume weighted average trading price per common share over the 20 day period preceding the due date. The stock will vest at the end of the contract with Northeast.
NEIP is currently the controlling shareholder in two operating businesses and a 250 unit residential real estate portfolio in the New England area. Northeast also owns minority stakes in a number of public and private businesses including a California company developing wireless electricity. Mr. Ganz is a graduate of Columbia Law School in New York City and completed his accounting designation at Georgetown University in Washington DC.
http://www.sec.gov/Archives/edgar/data/1354866/000115752316005828/a51358 470.htm
Security Devices International Inc. (SDI) is a defense technology company specializing in the sale of innovative, next generation non-lethal ammunition. The Company's solutions are a safer alternative to conventional crowd control devices currently in the marketplace, such as bean-bags, batons, as well as both plastic and rubber bullets. SDI is currently deploying their family of non-lethal ammunition to foreign militaries, law enforcement, correctional services and homeland security agencies across the globe. Please see SECURITYDII.COM for more information.
