Voip-Pal.com Inc. (VPLM.PK) announced Wednesday that it has entered into a voluntary Lock-Up Agreement with its largest shareholder, Emil Malak.
Malak was a co-founder of Digifonica Intellectual Properties Limited, which was acquired by Voip-Pal in 2013. He received over 350 million restricted shares of Voip-Pal stock for the acquisition of Digifonica, representing about 40% of the company.
Voip-Pal.Com, which owns a portfolio of patents relating to Voice-over-Internet Protocol or VoIP technology, noted that those shares are now eligible to become free trading.
According to the firm, the voluntary lock-up agreement restricts the sale of those shares until the successful monetization of Voip-Pal's technology. Malak currently serves as an advisor to the Board of Directors.
Thomas Sawyer, Chairman and CEO of Voip-Pal stated, "It is gratifying to the Board and Management to have our largest shareholder so firmly confident in the future of Voip-Pal.com that he would voluntarily extend the Rule 144 restriction on his shares."
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