RENOWORKS ENGAGES SOPHIC CAPITAL FOR CAPITAL MARKETS ADVISORY AND IR SERVICES
CALGARY, ALBERTA, April 20, 2021 – Renoworks Software Inc. (TSXV: RW) (“Renoworks” or the “Company”), the leading end-to-end visualization platform for the building construction industry, is pleased to announce that it has entered into a capital markets advisory agreement with Sophic Capital Inc., a comprehensive capital markets advisory firm focused on publicly traded growth companies.
“Given our recent record growth and strong financial metrics, we now feel it is time to tell our story to more investors,” said Doug Vickerson, CEO of Renoworks. “Our focus on building the business during fiscal 2020 culminated in record Q4 2020 financial results. Renoworks is well positioned for continued growth in 2021, and we believe that now is the time to engage Sophic Capital to help us communicate the next chapter of our evolution as an organization as well as develop a sound capital markets strategy to take the Company through its next stages of growth.”
“Renoworks has all of the characteristics that we look for in successful, innovative businesses,” said Sean Peasgood, President of Sophic Capital. “Management is strong and aligned with shareholders; its technology is unique and has been adopted by major brands; fundamentals are strong; and the total addressable market is worth multi-billions of dollars. Our experience in working with microcap issuers has shown that these are crucial to not only successful businesses but also stock appreciation over the long-term. We believe that Renoworks’ milestones over the past year have escaped the investor community, and that now is the time to implement a comprehensive capital markets strategy to communicate its story.”
The agreement is effective for a twelve-month term, and Sophic will be paid C$7,000 per month.
Sophic also receives 300,000 stock options to purchase Renoworks shares at a price of $0.45 per share. Options will vest over 12 months and unexercised vested options will expire ninety (90) days after Sophic Capital ceases to provide services to the Corporation, or in any event on April 19, 2024.
ABOUT SOPHIC CAPITAL
Sophic Capital is a capital markets advisory firm for public and private growth companies, specializing in developing complete capital markets strategies for companies across all stages of development. Sophic Capital’s depth of knowledge in the technology sector, clean technology and special situations markets combined with decades of experience working in the capital markets, makes it an ideal partner to help companies lower the cost of capital and accelerate growth. For more information, visit www.sophiccapital.com.
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers offering solutions to one of the home improvement industry’s greatest challenges: enabling homeowners to review their product selections in a hyper-realistic, virtual environment before committing to purchases and construction. Renoworks markets its technologies as an innovative engagement, sales, and marketing platform and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack, and Renoworks API (Application Programming Interface). For more information, visit www.renoworks.com and www.renoworkspro.com.
FOR FURTHER INFORMATION ON RENOWORKS, PLEASE CONTACT:
Doug Vickerson, CEO
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
Sean Peasgood, IR (Sophic Capital)
Phone: (647) 670-2366
FORWARD LOOKING STATEMENT
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, realize a revenue or other return on technology and platform development, capitalize on actual or perceived opportunities in the marketplace, or adequately cope with the impact of COVID-19, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.