NEW YORK, Jan. 26, 2015 (GLOBE NEWSWIRE) -- Borderfree, Inc. (Nasdaq:BRDR), a market leader in global ecommerce solutions, today announced that it has made an inducement equity award to Andre Schmidt, a new employee in connection with its acquisition of Bundle Tech Limited. Mr. Schmidt was the founder and chief executive officer of Bundle Tech Limited. The inducement award covers an aggregate of 388,099 shares of Borderfree common stock in the form of restricted stock units, or RSUs, and are being made as a material inducement to the employee entering into employment with Borderfree in connection with the acquisition transaction.
The RSU award described above vests as follows: one third of the RSUs vest annually on each of the first, second and third anniversaries of the closing of the acquisition. The award is subject to vesting pursuant to the terms of the Borderfree, Inc. 2015 Stock Option Inducement Plan and the award agreement.
Borderfree's board of directors approved the Borderfree, Inc. 2015 Stock Option Inducement Plan and Borderfree's compensation committee approved the award granted thereunder in connection with the Bundle Tech acquisition. The award was granted without stockholder approval in accordance with NASDAQ Listing Rule 5635(c)(4).
New York City-based Borderfree is a market leader in global ecommerce solutions, operating a technology and services platform that the world's most iconic brands rely on to expand globally and transact with customers in more than 100 countries and territories and more than 60 currencies worldwide. Borderfree manages all aspects of the international shopping experience, including site localization, multi-currency pricing, payment processing, fraud management, landed cost calculation, customs clearance and brokerage and global logistics services while maintaining the integrity of our customers' brand and the consumer experience. Borderfree is headquartered in New York City with offices in Tel Aviv, Toronto, Dublin and Shanghai. The company trades on the NASDAQ under the symbol BRDR. For more information, visit www.borderfree.com.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, fluctuations in exchange rates of foreign currencies and our ability to effectively predict such fluctuations, our history of losses, our limited operating history; our ability to retain existing customers and attract new customers; our ability to successfully optimize and operate our logistics network; our ability to keep up with the rapid technological change required to remain competitive in our industry, our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; and the price volatility of our common stock, and other risks set forth under the caption "Risk Factors" in our Form 10-Q filed on November 5, 2014, as updated by our subsequently filed SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.