21 Nov 2017 09:00
21 November 2017
Crossrider plc
("Crossrider," or the "Company")
CyberGhost senior management changes and purchase of share options
Crossrider (AIM: CROS), a leading B2C security software and online distribution platform, today announces the following senior management changes within its wholly owned subsidiary Company, CyberGhost SA ("CyberGhost").
Shalev Katav has been appointed Managing Director of CyberGhost with immediate effect as part of the progression of the company's integration into Crossrider. Shalev joined Crossrider in November 2012 as Director of Business Development, and has been instrumental in the successful integration of CyberGhost following its acquisition by Crossrider in March 2017. Robert Knapp, founder and currently Managing Director of CyberGhost, will assume the role of Chairman and Corporate Development Manager of CyberGhost, enabling him to focus on broader strategy for the business.
As part of the process, Crossrider will purchase 3,810,667 of the Consideration Options (options over ordinary shares exercisable at nominal value) granted to Robert Knapp as part of the consideration to acquire CyberGhost in March 2017. The Company has agreed to pay a total of €3,202,000 to purchase the 3,810,667 Consideration Options. Of this sum, eight equal quarterly installments of €197,125 will be paid between February 2018 and November 2019 with the remaining €1.625m to be paid to Robert immediately. Robert will retain his interest in the Company with 589,333 Consideration Options on the same vesting schedule as set out in the announcement of 14 March 2017.
Ido Erlichman, Chief Executive of Crossrider, commented:
"With CyberGhost now fully integrated and performing ahead of expectations, we can capitalise on the sizeable market opportunity. We believe the combination of Shalev as Managing Director and Robert as Chairman provides an ideal platform from which to execute against our strategy and drive the Crossrider business going forward."
Enquiries
Crossrider plc Ido Erlichman, Chief Executive Officer Moran Laufer, Chief Financial Officer
| via Vigo Communications |
Shore Capital (Nominated Adviser & Broker) Toby Gibbs / Dru Danford
| +44 (0)20 3772 2496 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Fiona Henson / Antonia Pollock
| +44 (0)20 7830 9700 |
About Crossrider
Crossrider (LSE: CROS) distributes and develops digital products in the online security space. The Company utilises its proprietary digital distribution technology to optimise its reach and create a superb user experience. The Company offers products which provide online security, privacy and optimal online experience. Crossrider's vision is to provide and develop best-in-class digital products for its customers and partners globally.
www.crossrider.com