VANCOUVER:- RYU Apparel Inc. , creator of urban athletic apparel, is pleased to announce it has entered into a letter of engagement for a proposed consulting agreement with a prominent retail consultant (the “Consultant”) that is arm’s length to RYU. The Consultant, a Canadian leading contributor to the fashion and design industry and best-known for creating a succession of international visionary brands and retail concepts, will be retained to help RYU build and develop a strategic plan targeted for the North American market.
The definitive terms for the engagement have not yet been finalized and the entering into of that agreement is subject to certain conditions, including the approval of the TSX Venture Exchange (the “TSXV”). The principal condition to be satisfied, before the definitive consulting agreement can be executed, is RYU raising $7M in capital, in order to fund most of the activities to be undertaken under the consulting arrangement.
Upon entry into a definitive agreement, the Consultant will be retained to create, implement and execute a strategic plan to lead a formative transition of RYU to profitability over the two-year terms of the proposed agreement.
“Our focus is on the brand and its uninterrupted growth. The strategic services to be provided by the Consultant are focused on constant innovation and improvement, as it has always been, since the day we opened our first store,” said Marcello Leone, CEO of RYU. “These partners have a successful track record in North-America, and, if the arrangement is consummated, RYU anticipates the arrangement will represent a significant opportunity for brand awareness, while keeping innovation, customer experience and the quality of our products as the center of our Universe”.
The letter of engagement provides that, following entry into definitive agreements, the Consultant will receive, in addition to a work fee, 50M stock options with an exercise price of $0.05 per share for a five-year term and, within 12 months of entering into definitive agreements, 30M restricted share units. The stock option grant and RSU issuance will be subject to shareholder approval if the aggregate number of options and RSUs granted to the Consultant exceeds 5% of the issued shares of RYU at the time of grant.
Respect Your Universe is an award winning urban athletic apparel and accessories brand engineered for the fitness, performance and lifestyle of the athletic man and woman. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate human performance. With enterprises opting advanced approach towards offering apparels and enticing them for customers, iDesigniBuy in this segment offers sports apparel customization software that helps clients to deliver best in class urban athletic wear as per their customers’ expectations.