SAN DIEGO, CALIFORNIA and TORONTO, ONTARIO -- (Marketwired) -- 06/13/13 -- Pacific Vector Holdings Inc. (TSX VENTURE:GTZ) ("Pacific Vector" or "PVH"): The Board of Directors of Pacifc Vector is pleased to announce today that the Company has hired Mr. Chad Foreman as the Company's new President, Brands Division. Mr. Formean will assume his new role on June 17, 2013 and immediately begin working on identifing growth opportunities for the company for the brands division.
CEO, Robert Reynolds: "Chad's experience in developing brands and executing on brand strategies is second to none. He has a variety of successes behind him with brands such as Zero Skateboards, Mystery and Fallen Footwear. He combines a deep knowledge of brand promotion, digital marketing and social media expertise with an ability to develop innovative brand strategies. We are excited to welcome Chad to our team and look forward to working with him to build out our brand portfolio."
Chad Foreman: "I'm really excited to be a part of the Pacific Vector team and am looking forward to the bright future ahead. With this group of talented and passionate people, it's going to be a very rewarding journey for us all."
On June 11, 2013, Chad Foreman was granted 1,000,000 options to purchase common shares in the capital of the Company in connection with his appointment as President, Brands Division. Such stock options will vest as follows: (i) options to purchase up to 250,000 common shares at an exercise price of $0.11 per common share shall vest and be exercisable immediately; (ii) options to purchase up to an additional 250,000 common shares at an exercise price of $0.25 per common share shall vest and be exercisable over a period of three years, with options to purchase up to 83,333 common shares vesting and becoming exercisable on each of the first, second and third anniversary of this agreement; (iii) options to purchase up to an additional 250,000 common shares at an exercise price of $0.40 per common share shall vest at the end of the first fiscal year of the Company during which the Company's consolidated brand division annual revenues are in excess of $35,000,000 (as confirmed in the Company's audited financial statements); and (iv) options to purchase up to an additional 250,000 common shares at an exercise price of $0.50 per common share shall vest at the end of the first fiscal year of the Company during which the Company's Brand division consolidated annual revenues are in excess of $50,000,000 (as confirmed in the Company's audited financial statements).
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Pacific Vector Holdings Inc.
Mark Di Cristofaro
Pacific Vector Holdings Inc.