Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Kik Interactive Inc. announces plan to buy Kin to fund employee compensation program

November 15, 2019 GMT

KITCHENER, Ontario, Nov. 15, 2019 /PRNewswire/ -- Kik Interactive Inc. announced that its Board of Directors has allocated $250,000 USD to purchase Kin in open market purchases to fund an employee compensation program over the next 12 months. The timing, price, and quantity of purchases under the Kin purchase plan will be at the discretion of management and may be discontinued, suspended or restarted at any time, but is anticipated that purchases will be made monthly at prevailing market prices on a single cryptocurrency exchange on any given day. The program will be funded from current available working capital and the Kin acquired will be distributed to employees as part of their compensation.

Tanner Philp, Head of Corporate Development and Operations said, “The last quarter has seen some exciting developments for the Kin Ecosystem. There are now more than 1MM people spending Kin every month across more than 80 apps, including Kik which was just acquired by MediaLab, the owner of Whisper and Datpiff.

Philp added, “With MediaLab taking over the Kik chat application, a core team from Kik Interactive Inc. is moving forward with an ambitious strategy to accelerate the adoption, growth, and success of all developers in the Kin Ecosystem. This team is excited and leaning in, with the resources to execute.”

To learn more about Kin visit kin.org

View original content: http://www.prnewswire.com/news-releases/kik-interactive-inc-announces-plan-to-buy-kin-to-fund-employee-compensation-program-300959337.html

SOURCE Kik Interactive, Inc.