Eddy Solutions Appoints Adam Bartman as Chief Operating Officer

Rhea-AI Summary

Eddy Smart Home Solutions (TSXV: EDY) has appointed Adam Bartman as its new Chief Operating Officer (COO). Bartman, previously EVP of Operations, brings over a decade of experience in the plumbing and mechanical industry to his new role. He will oversee day-to-day operations, focusing on enhancing efficiency and driving strategic initiatives.

The company also announced shareholder approval of a new omnibus equity incentive plan at its annual general meeting on June 17, 2024. The plan replaces the previous stock option plan and allows for equity incentive grants up to 10% of the company's issued and outstanding shares, totaling 79,528 common shares post-consolidation.

Eddy Solutions also clarified that its July 10, 2024 news release incorrectly referenced a shareholder rights offering instead of the existing security holder exemption used for a private placement.

Positive

• Appointment of experienced COO with industry expertise
• Shareholder approval of new equity incentive plan
• Potential for improved operational efficiency under new COO leadership

Negative

• None.

News Market Reaction – ESHSF

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Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - Eddy Smart Home Solutions Ltd. (TSXV: EDY) ("Eddy" or the "Company"), a leading provider of water management and leak detection technology, is proud to announce the appointment of Adam Bartman as the new Chief Operating Officer (COO).

Adam Bartman as EVP of Operations has been instrumental in the company's growth and innovation. With over a decade of experience in the plumbing and mechanical industry, Adam has a deep understanding of the challenges and opportunities in this sector. His leadership and vision have been pivotal in establishing Eddy Solutions as a leader in smart water management technology.

"I am honoured to take on the role of COO at Eddy Solutions," said Adam Bartman. "This new position allows me to further our mission of providing innovative solutions that protect properties from water damage and optimize water usage. I look forward to working closely with our talented team to continue delivering exceptional value to our clients and stakeholders."

As COO, Adam will oversee the company's day-to-day operations, focusing on enhancing operational efficiency, driving strategic initiatives, and fostering a culture of continuous improvement.

"Adam's appointment as COO marks a significant milestone for Eddy Solutions," said Mark Silver, CEO of Eddy Smart Home Solutions Ltd. "His expertise and dedication have been crucial to our success, and we are confident that he will continue to drive our company forward in his new role. Adam's leadership will be instrumental as we continue to expand our reach and impact in the water management industry."

The Company would also like to announce that at the Company's annual general and special meeting of shareholders held on June 17, 2024 (the "Effective Date"), the shareholders approved the Company's new omnibus equity incentive plan (the "Plan"). The board of directors of the Company had previously approved the Plan on May 14, 2024, and as of the Effective Date, the Plan replaced the Company's previous stock option plan. The Plan consists of a 10% "rolling" equity incentive grant component allowing for the issuance of various equity incentive grants entitling grantees to acquire up to a maximum of 10% of the Company's issued and outstanding shares as of the Effective Date, such number being 79,528 common shares (on a post-consolidation basis). A copy of the Plan was appended to the Company's management information circular dated May 14, 2024 and is available under the Company's profile on SEDAR+.

The Company would also like to clarify that its news release dated July 10, 2024 inadvertently referenced the closing of an Existing Shareholder Rights Offering when it should have referenced the existing security holder exemption the Company relied upon under Ontario Securities Commission Rule 45-501 - Ontario Prospectus and Registration Exemptions to close the private placement as more fully described in the Company's press release dated July 2, 2024.

About Eddy Smart Home Solutions Ltd.

Eddy is a leading North American provider and developer of smart water metering products and monitoring services for residential and commercial properties. Eddy's solutions help buildings protect, control, and conserve water usage through advanced metering devices, sensors and behavioral learning software. For more information, visit eddysolutions.com.

For further information, please contact:
Cory Silver, President
Tel: 1 (877) 388-3339 extension 6
Email: ir@eddysolutions.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219247

FAQ

Who is the new COO of Eddy Smart Home Solutions (TSXV: EDY)?

Adam Bartman has been appointed as the new Chief Operating Officer (COO) of Eddy Smart Home Solutions (TSXV: EDY).

What is Adam Bartman's background at Eddy Solutions (TSXV: EDY)?

Adam Bartman previously served as EVP of Operations at Eddy Solutions and has over a decade of experience in the plumbing and mechanical industry.

What new plan did Eddy Solutions (TSXV: EDY) shareholders approve on June 17, 2024?

Shareholders approved a new omnibus equity incentive plan, replacing the previous stock option plan, allowing for equity incentive grants up to 10% of the company's issued and outstanding shares.

How many common shares are available under Eddy Solutions' (TSXV: EDY) new equity incentive plan?

The new equity incentive plan allows for the issuance of up to 79,528 common shares (on a post-consolidation basis), which represents 10% of the company's issued and outstanding shares as of June 17, 2024.