SASI Sigma Additive Solutions Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): December 29, 2023

 

SIGMA ADDITIVE SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada		001-38015		27-1865814
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

3900 Paseo del Sol

Santa Fe, New Mexico 87507

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (505) 438-2576

 

 

Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001 per share		SASI		The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

The information in Item 5.02 of this Current Report regarding the employment letter agreement entered into on December 29, 2023 between Sigma Additive Solutions, Inc. (“we,” “us,” “our,” “Sigma” and the “Company”) and William Kerby is incorporated herein by reference.

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

As previously disclosed in that Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on October 13, 2023 (the “Prior Current Report”), the Company entered into a Share Exchange Agreement (as amended, the “Exchange Agreement”) with NextTrip Holdings, Inc. (“NextTrip”), NextTrip Group, LLC (“NextTrip Parent”), and William Kerby, as the NextTrip Representative, pursuant to which, amongst other things, we agreed to acquire NextTrip in exchange for shares of our common stock, subject to approval of our shareholders (the “Acquisition”).

 

On December 29, 2023, we completed the Acquisition, pursuant to the terms of the Exchange Agreement, NextTrip became a wholly-owned subsidiary of the Company and the ongoing business of the Company became the business of NextTrip. NextTrip, together with its wholly owned subsidiaries, is a travel company that connects people to new places and discoveries by utilizing digital media engagement, seasoned planning expertise, and unique inventory to curate custom vacations across the globe. By bridging technology, media and product offerings, NextTrip engages with the travelers of today while also building relationships with the travelers of tomorrow. For more information regarding NextTrip’s business, see the section entitled “Description of NextTrip Business” beginning on page 78 of our definitive proxy statement filed with the SEC on December 1, 2023 (the “Definitive Proxy Statement”), which information is hereby incorporated herein by reference.

 

In connection with closing of the Acquisition, we issued to the NextTrip Parent’s members (the “NextTrip Sellers”) an aggregate of 156,007 restricted shares our common stock (the “Closing Shares”), constituting 19.99% of our issued and outstanding shares of common stock immediately prior to closing of the Acquisition. Under the Exchange Agreement, the NextTrip Sellers will be entitled to receive additional shares of our common stock (the “Contingent Shares,” and together with the Closing Shares, the “Exchange Shares”) upon NextTrip’s achievement of future milestones, as follows:

 

	Milestone		Date Earned		Contingent Shares
	Launch of NextTrip’s leisure travel booking platform by either (i) achieving $1,000,000 in cumulative sales under its historical “phase 1” business, or (ii) commencement of its marketing program under its enhanced “phase 2” business.		As of a date six months after the closing date		1,450,000 Contingent Shares
	Launch of NextTrip’s group travel booking platform and signing of at least five (5) entities to use the groups travel booking platform.		As of a date nine months from the closing date (or earlier date six months after the closing date)		1,450,000 Contingent Shares
	Launch of NextTrip’s travel agent platform and signing up of at least 100 travel agents to the platform (which calculation includes individual agents of an agency that signs up on behalf of multiple agents).		As of a date 12 months from the closing date (or earlier date six months after the closing date)		1,450,000 Contingent Shares
	Commercial launch of PayDelay technology in the NXT2.0 system.		As of a date 15 months after the closing date (or earlier date six months after the closing date)		1,650,000 Contingent Shares, less the Exchange Shares issued at the closing of the Acquisition

 

 

Alternatively, independent of achievement of the foregoing milestones, for each month during the 15-month period following the closing date in which $1,000,000 or more in gross travel bookings are generated by NextTrip, Inc., to the extent not previously issued, the Contingent Shares will be issuable in the order indicated above up to the maximum Exchange Shares issuable under the Exchange Agreement. In no event, however, will the Contingent Shares, together with the Closing Shares, exceed 6,000,000 shares of our common stock, subject to adjustment in the event of future stock splits, reverse stock splits and similar events.

 

Pursuant to the Exchange Agreement, to the extent that we do not have sufficient authorized shares of common stock available for issuance of the Contingent Shares, in lieu thereof, we will issue shares of a new series of convertible preferred stock in form and substance satisfactory to the NextTrip Representative which, among other things, will provide for voting on an as-converted basis and will be automatically converted (on a one-for-one basis) into shares of our common stock once stockholder approval for an increase in our authorized shares of common stock has been obtained.

 

Additionally, pursuant to the Exchange Agreement, Mr. Kerby, in his capacity as the “NextTrip Representative,” will be entitled to designate one director to replace an incumbent director of the Company (other than Mr. Monaco, whose appointment is discussed in Item 5.02, below) in connection with the achievement of each milestone for the issuance of the Contingent Shares.

 

The Acquisition is treated as a reverse acquisition under the acquisition method of accounting in accordance with accounting principles generally accepted in the United States. For accounting purposes, therefore, NextTrip is considered to have acquired Sigma. As a result, effective upon closing of the Acquisition, the Company changed its fiscal year end from December 31 to February 28, which is NextTrip’s fiscal year end.

 

Additional information regarding the Exchange Agreement and the Acquisition is included in the Prior 8-K and the Definitive Proxy Statement, which information is incorporated herein by reference.

 

Item 3.02 Unregistered Sale of Securities

 

The information in Item 2.01 regarding the issuance of the Closing Shares is hereby incorporated herein by reference.

 

The NextTrip Sellers qualify as “accredited investors” within the meaning of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The Closing Shares have not been registered under the Securities Act and were, and the Contingent Shares will be, issued to the NextTrip Sellers in a transaction exempt from registration under the Securities Act in reliance upon the exemption from registration provided in Section 4(a)(2) under the Securities Act and/or Regulation D promulgated thereunder. Accordingly, the shares, constitute, or will constitute when issued, “restricted securities” within the meaning of Rule 144 under the Act.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Resignation of Director and Appointment of Successor

 

Effective concurrently with the completion of the Acquisition, Mark Ruport, the Chairman of the Board of Sigma, resigned as Chairman and as a director, and Donald P. Monaco was appointed by our Board of Directors as a director and Chairman of the Board to fill the vacancy created by Mr. Ruport’s resignation. On behalf of our Board of directors, we wish to thank Mr. Ruport’s for his able guidance in completing the Acquisition and many years of dedicated service to Sigma.

 

Mr. Ruport’s resignation was contemplated by the terms of the Exchange Agreement, as described in Item 2.01, and not as the result of any disagreements with the Company relating to the Company’s operations, policies or practices. Mr. Ruport received no severance in connection with his resignation.

 

 

Biographical information regarding Mr. Monaco is set forth in the section entitled “The Acquisition – Executive Officers and Directors Following the Closing of the Acquisition” beginning on page 33 of the Definitive Proxy Statement, which information is hereby incorporated herein by reference. It is currently expected that Mr. Monaco will be compensated for his service as a director in the same manner as our other non-employee directors and that we will enter into our standard-form indemnity agreement with Mr. Monaco. For information regarding the compensation of our non-employee directors, see the discussion in the section entitled “Executive Compensation – Director Compensation” beginning on page 107 of the Definitive Proxy Statement, which information is hereby incorporated herein by reference.

 

Resignation of Executive Officer and Appointment of Successor

 

Also effective concurrently with the completion of the Acquisition, Jacob Brunsberg resigned as our President and Chief Executive Officer and William Kerby, Chief Executive Officer of NextTrip, was appointed by our Board of Directors as Chief Executive Officer of the Company. Mr. Brunsberg’s resignation was contemplated by the terms of the Exchange Agreement, as described in Item 2.01, and not as the result of any disagreements with the Company relating to the Company’s operations, policies or practices. Mr. Brunsberg continues to serve as a member of our Board of Directors.

 

Biographical information regarding Mr. Kerby is set forth in the section entitled “The Acquisition – Executive Officers and Directors Following the Closing of the Acquisition” beginning on page 33 of the Definitive Proxy Statement, which information is hereby incorporated herein by reference.

 

Kerby Employment Letter Agreement

 

In connection with this appointment as Chief Executive Officer of Company, the Company and Mr. Kerby entered into an employment letter agreement, dated as of December 29, 2023. Under the employment agreement, Mr. Kerby will be entitled to receive an annual base salary of $400,000, which is subject to increase (but not decrease) in the discretion of the Compensation Committee of our Board of Directors based on an annual or special case assessments of his performance and other factors. At the discretion of our Board of Directors, Mr. Kerby will also be eligible to earn a discretionary, annual fiscal end-of-year incentive bonus in an amount of up to 100% of his base annual salary. The exact amount of the incentive bonus will be dependent on the achievement of Company milestones and profitability, and such other milestones as the Board deems appropriate. Mr. Kerby will have the option of receiving some or all of his base annual salary and any incentive bonus in cash or in shares of our common stock valued for this purpose as set forth in his employment agreement and will be eligible to receive equity compensation at the discretion and in an amount to be determined by our Board of Directors.

 

During his employment, Mr. Kerby will be entitled to an automobile allowance of $1,500 per month and to receive all benefits under any and all deferred compensation plans, retirement plans, life, disability, health, accident and other insurance programs, and similar employee benefit plans and programs, sick leave and vacation time that the Company elects, in its sole discretion, to provide from time to time to its executive officers, and to earn four weeks of paid time off in accordance with the Company’s PTO policy.

 

Mr. Kerby has entered into various personal guarantees with the Airline Reporting Commission, sellers of travel, merchant providers, financial institutions, associations and service providers for the benefit of NextTrip, in consideration of which the Company agrees in his employment agreement to pay him a $2,000 per month guarantee fee for so long as the employment agreement and the guarantees remain in place. In the event Mr. Kerby resigns for “Good Reason” (as defined in the employment agreement), or his employment is terminated by the Company for any reason, the Company will immediately eliminate any and all guarantees failing which, for each month the guarantees remain in place, the monthly guarantee fee will rise to $10,000 per month after 30 days in the event the Company is unable to assume the guarantees during such 30-day period.

 

 

The term of Mr. Kerby’s employment under his employment agreement will continue from month-to-month until terminated by either party with 30 days’ prior written notice, unless sooner terminated in accordance with the terms thereof. Should the Company notice the termination of Mr. Kerby’s employment agreement (other than as a result of death, “Disability” or “Cause,” as defined therein), he will be entitled to payment of an amount equal to 12 months of his base annual salary in a lump sum payment upon termination and the continuation of his health care coverage, at the Company’s expense, for up to 12 months following the termination (collectively, the “Kerby Severance Payments”). In addition, in the event that Mr. Kerby’s agreement is terminated by the Company for any reason within 12 months from the date of closing of the Acquisition, Mr. Kerby will be entitled to receive the Kerby Severance Payments and the Contingent Shares will automatically accelerate and be issuable in full if not yet earned or issued.

 

We also expect to enter into our standard-form indemnity agreement with Mr. Kerby.

 

The foregoing description of Mr. Kerby’s employment agreement is a summary only of certain material terms of Mr. Kerby’s employment agreement, does not purport to be complete, and is qualified in its entirety by reference to the full text of his employment agreement, a copy of which is filed as Exhibit 10.1 to this Current Report and incorporated herein by reference.

 

Brunsberg Separation Payments

 

In accordance with the previously disclosed Separation Agreement, dated as of November 22, 2023, between the Company and Mr. Brunsberg, in connection with his resignation, we have agreed to pay Mr. Brunsberg a cash a retention bonus of $204,511 and a separation payment of $62,500, or the equivalent of three months’ salary, and to award Mr. Brunsberg the equivalent of 31,250 shares of common stock in the form of restricted stock or restricted stock units under the Company’s 2023 Equity Incentive Plan, if and when adopted by the Company. As a condition to payment of the separation payment, Mr. Brunsberg will be required to execute a general release of employment-related claims against the Company and related indemnitees.

 

The foregoing description of the amounts payable to Mr. Brunsberg in connection with his resignation is a summary only of certain material terms of Mr. Brunsberg’s Separation agreement, does not purport to be complete, and is qualified in its entirety by reference to the full text of his Retention Bonus and Separation Agreement, a copy of which was filed as Exhibit 10.1 to that Current Report on Form 8-K filed by the Company with the SEC on November 24, 2023 and is incorporated herein by reference.

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

The information in Item 2.01 regarding the change in the Company’s fiscal year end is hereby incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure

 

On January 3, 2023, the Company issued a press release announcing closing of the Acquisition and the transactions contemplated thereby. A copy of this press release is furnished as Exhibit 99.1 to this Current Report.

 

The information set forth under Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

 

 

Forward Looking Statements

 

This Current Report, including Exhibit 99.1 hereto, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this Current Report, including in Exhibit 99.1 hereto, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In addition, projections, assumptions and estimates of the Company’s future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Current Report, including Exhibit 99.1 hereto, are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, operating results, business strategy, short-term and long-term business operations and objectives. These forward-looking statements speak only as of the date of this Current Report and are subject to a number of risks, uncertainties and assumptions. The events and circumstances reflected in such forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

Item 9.01 Financial Statements and Exhibits

 

(a) Financial Statements of Business Acquired

 

As permitted by Item 9.01(a)(4) of Form 8-K, the financial statements required by Item 9.01(a) of Form 8-K will be filed by the Company by an amendment to this Current Report on Form 8-K not later than 71 days after the date upon which this Current Report on Form 8-K must be filed..

 

(b) Pro Forma Financial Information

 

As permitted by Item 9.01(b)(2) of Form 8-K, the pro forma financial information required by Item 9.01(b) of Form 8-K will be filed by the Company by an amendment to this Current Report on Form 8-K not later than 71 days after the date upon which this Current Report on Form 8-K must be filed.

 

(d) Exhibits

 

See the accompanying Index to Exhibits, which information is hereby incorporated herein by reference.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: January 3, 2024	SIGMA ADDITIVE SOLUTIONS, INC.
	By:	/s/ William Kerby
		William Kerby
		Chief Executive Officer

 

 

INDEX TO EXHIBITS

 

Exhibit Number		Description
10.1*		Employment letter agreement dated December 29, 2023 between Sigma Additive Solutions, Inc. and William Kerby
99.1		Press release, dated January 3, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*Management contract or compensatory plan or arrangement.

 

 

 

EXHIBIT 10.1

 

 

December 29, 2023

 

William Kerby

 

_________________

_________________

 

Dear William:

 

This letter agreement (this “Agreement”) is entered into between William Kerby (“you” or “Executive”) and Sigma Additive Solutions, Inc., a Nevada corporation (the “Company”). This Agreement shall be effective December 29, 2023. This Agreement confirms the current terms and conditions of your employment with the Company. This Agreement supersedes all prior negotiations, representations or agreements between you and the Company, including any prior consulting agreement, understanding or offer letter between you and the Company.

 

1. Duties and Scope of Employment.

 

(a) Position. For the term of your employment under this Agreement (your “Employment”), the Company agrees to employ you in the exempt positions of Chief Executive Officer and Principal Executive Officer. You will report to the Company’s Board of Directors (the “Board”). You will be working out of the Company’s principal office, it also being understood that the Company may require you to perform business travel to other locations from time to time in connection with the Company’s business. You will perform the duties and have the responsibilities and authority customarily performed and held by an employee in your position or as otherwise may be assigned or delegated to you by the Company.

 

(b) Obligations to the Company. During the term of your Employment, you will devote your full business efforts and time to the Company. During your Employment, you agree that you will not engage in any other employment, occupation, consulting, advisory or other business activity without the prior written consent of the Company, nor will you engage in any other activities that conflict with your obligations to the Company, it being understood that you will be permitted to devote a reasonable amount of time and effort to providing service to, or serving on governing boards or committees of civic and/or charitable organizations, but only to the extent that such activities, individually or taken as a whole, do not (A) require or involve your active participation in the management of any corporation, partnership or other entity, or interfere with the execution of your duties under this Agreement; (B) otherwise violate any provision of this Agreement or the Confidentiality Agreement (hereinafter defined); or (C) impair your ability to perform your duties to the Company. You shall comply with the Company’s policies and rules, and the Employee Invention Assignment and Confidentiality Agreement (the “Confidentiality Agreement”), as they may be in effect from time to time during your Employment.

 

 

(c) Term. The term of employment under this Agreement shall commence and this Agreement shall be effective as of the Effective Date, and shall continue from month-to-month thereafter until terminated by either party with thirty (30) days’ prior written notice unless sooner terminated in accordance with the terms hereof (the “Term”). Should the Company notice the Executive of termination of the Agreement (other than as a result of death, Disability or Cause as specified in Section 4(b)(ii) or (iii)), the Executive shall be entitled to the benefits as outlined in Section 4(b). This Agreement will constitute the full and complete agreement between you and the Company as to your Employment, which may only be changed in an express written agreement signed by you and a duly authorized officer of the Company. Except as otherwise herein expressly provided for, upon the termination of your employment, you will only be entitled to the compensation and benefits earned and the reimbursements described in this Agreement for the period preceding the effective date of the termination.

 

(d) Commencement Date. Assuming your acceptance of this Agreement, as evidenced by your signature below, your full-time Employment will be deemed to have commenced concurrent with the closing of that certain Share Exchange Agreement, dated as of October 12, 2023 (as may be amended from time to time, the “Share Exchange Agreement”), made by and among the Company, NextTrip Holdings, Inc., NextTrip Group, LLC and you, in the capacity as NextTrip representative.

 

2. Compensation; Business Expenses.

 

(a) Base Wage. In this exempt position, the Company will pay you as compensation for your Employment a base salary at a gross annual rate of $400,000 (“Base Salary”), pro-rated for any partial year. The Base Salary shall not be subject to decrease but may be increased in the discretion of the Company’s Compensation Committee based on an annual or special case assessments of your performance and other factors. Your base salary will continue to be payable in accordance with the Company’s standard payroll procedures.

 

(b) Incentive Compensation. At the discretion of the Board, you will be eligible to earn a discretionary, annual fiscal end-of-year incentive bonus in an amount bonus in an amount of up to 100% of your Base Salary. The exact amount of the incentive bonus you may receive will be dependent on the achievement of Company milestones and profitability, and such other milestones as the Board deems appropriate. Payment of your incentive bonus, if earned, will be paid to you as soon as practical following the end of the calendar year, contingent upon final financial results from the prior year and Board approval of meeting performance objectives whether plan or individual, and in any event, within 60 days therefrom. You will not earn any incentive bonus (including a prorated bonus) if your employment terminates for any reason before February 28, for the year in question.

 

(c) Stock Payment Option. The Executive will have the option of receiving some or all of the Base Salary and/or any bonus payable hereunder in cash or in shares of the Company’s common stock, with the stock portion being based on the higher of (a) the closing sales price per share on the trading day immediately preceding the determination by the Executive to accept shares in lieu of cash, if the shares (for example, if the Executive provides notice of his intent to exercise the Stock Option on April 10th, the closing sales price per share on April 9th (assuming it is a trading day) would be the price used for (a)); and (b) the lowest price at which such issuance will not require shareholder approval under the exchange where the Company’s common stock is then listed or Nasdaq ((a) or (b) as applicable, the “Share Price” and the “Stock Option”), provided that the Executive shall be required to provide the Company at least five business days prior written notice if he desires to exercise the Stock Option as to any payment of compensation due hereunder, unless such time period is waived by the Company. The issuance of the shares described above shall be, where applicable, subject to the approval of the exchange where the Company’s common stock is then listed or Nasdaq, and where applicable, shareholder approval, and in the sole discretion of the Board of Directors, may be issued under, or outside of, a shareholder approved stock plan.

 

 

(d) Equity Compensation. At the discretion of the Board, you will be eligible to receive certain equity compensation in an amount to be determined by the Board. Exact terms, structure are to be negotiated and any vesting will, of course, depend on your continued employment with the Company.

 

(e) Business Expenses. The Company will reimburse you for your necessary and reasonable business expenses incurred in connection with your duties hereunder upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable policies currently in effect or to be adopted after the date hereof, as may be amended from time to time,

 

(f) Other Remuneration. It is understood that you have entered into numerous personal guarantees with the Airline Reporting Commission, sellers of travel, merchant providers, financial institutions, associations and service providers. The Company recognizes that these guarantees are being done exclusively for the benefit of the Company and that the Company is responsible for fully indemnifying you and/or your spouse for such guarantees. For as long as you are employed by the Company and are willing to continue to support the Company, you will receive a $2,000 per month guarantee fee for so long as this Agreement and the guarantees remain in place. In the event you resign for Good Reason, or you employment is terminated by the Company for any reason, then the Company will immediately eliminate any and all guarantees failing which, for each month the guarantees remain in place, the monthly guarantee fee will rise to $10,000 per month after thirty (30) days, in the event the Company is unable to assume the guarantees in such thirty (30) day period, which fee shall terminate upon the Company assuming or terminating such of your guarantees.

 

3. Employee Benefits. During your Employment, you shall be entitled to receive all benefits under any and all deferred compensation plans, retirement plans, life, disability, health, accident and other insurance programs, an automobile allowance of $1,500 per month for the duration of the Term, and similar employee benefit plans and programs, sick leave, vacation time and paid time off (if any) that the Company elects in its sole discretion to provide from time to time to its executive officers (collectively referred to herein as the “Benefits”). You will be entitled to earn four (4) weeks of Paid Time Off (“PTO”) in accordance with the Company’s PTO policy. However, we reserve the right to terminate, reduce or otherwise amend any or all of the Benefits from time to time to the extent allowed by law, so long as such action applies generally to all of our executive officers. Except as otherwise required by applicable law with respect to continued “COBRA” group health care coverage and except as expressly required by the terms of the Company’s life, disability, health, accident and other insurance programs and similar employee benefit plans and programs, your right to receive Benefits shall terminate upon the termination of your Employment for any reason. You shall be eligible to earn additional equity grants under the Company’s incentive plans. You shall also be eligible to receive additional grants of stock appreciation rights from time to time. However, the decision to grant any such equity or stock appreciation rights, and the amount and terms thereof, shall be in the sole and absolute discretion of the Compensation Committee.

 

4. Termination of this Agreement; Separation Benefits.

 

(a) Termination of this Agreement. This Agreement and your employment with the Company shall terminate under any of the following conditions: (i) your death; (ii) your Complete Disability; (iii) upon your receipt of written notice from the Company that your employment is being terminated for Cause; (iv) upon thirty (30) days’ written notice from the Company that your employment is being terminated other than for Cause; (v) upon thirty (30) days’ written notice by you that you are resigning from your employment with the Company; (vi) upon thirty (30) days’ written notice by you that you are resigning from your employment with the Company for Good Reason.

 

 

(b) Separation Benefits. You will be entitled to receive separation benefits upon termination of employment only as set forth in Section 4(b)(iv) hereof; provided, however, that in the event you are entitled to any severance pay under a Company-sponsored severance pay plan, any such severance pay to which you are entitled under such severance pay plan will reduce the amount of severance pay to which you are entitled pursuant to Section 4(b)(iv) hereof. In all cases, upon termination of employment you will receive in a lump sum payment for all salary, earned bonus (if any), and unused PTO accrued as of the date of your termination of employment.

 

(i) Voluntary Resignation. If you voluntarily elect to terminate your employment with the Company (other than in the event of a termination by you for Good Reason), you will not be entitled to any separation benefits.

 

(ii) Termination for Cause. If the Company or any successor in interest terminates your employment for Cause (as defined below), you will not be entitled to receive any separation benefits.

 

(iii) Termination for Death or Complete Disability. If your employment with the Company is terminated as a result of your death or Complete Disability, you will not be entitled to receive any separation benefits.

 

(iv) Involuntary Termination. Subject to the provisions of Section 4(b)(iv) and Section 5 hereof, if there is an Involuntary Termination you will be entitled to receive the following:

 

(A) Severance Payment. The Company will pay you an amount equal to twelve (12) months of your Base Salary (the “Severance Period”) payable in a lump sum payment upon Termination.

 

(B) Health Insurance. Provided that you timely elect such coverage, the Company shall pay your group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) during the Severance Period; provided, however, that in the event that you become eligible for group insurance coverage in connection with new employment, such COBRA premium payments by the Company shall terminate immediately and, in furtherance thereof, you represent, warrant, covenant and agree to promptly, and in any event, within seven (7) days therefrom, notify the Company of your new employment and eligibility for group insurance coverage related thereto.

 

(v) Early Termination. Notwithstanding any other provisions in this Agreement, in the event this Agreement is terminated by the Company for any reason within twelve (12) months of the Effective Date of this Agreement, (i) you will be entitled to receive the benefits set forth in Section 4(b)(iv) above and (ii) the Contingent Shares (as defined in the Share Exchange Agreement) will automatically accelerate and be issuable in full if not yet earned or issued.

 

(c) Definitions.

 

(i) “Cause” means the occurrence of any of the following: (A) your conviction for, or plea of no contest to, a felony or a crime involving moral turpitude; (B) the commission of an act of fraud or a material breach of any of your fiduciary duties to the Company; (C) any willful, material violation by you of any law or regulation applicable to the business of the Company; (D) gross and willful misappropriation or theft of the Company’s or any of its subsidiary’s funds or property or (E) a material breach of any of the covenants, representations and warranties contained herein which breach is not cured or corrected within thirty (30) days of written notice thereof from the Company.

 

 

(ii) “Complete Disability” shall mean your inability to perform your duties under this Agreement, whether with or without reasonable accommodation, by reason of any incapacity, physical or mental, which the Company, based upon medical advice or an opinion provided by a licensed physician acceptable to the Company, determines to have incapacitated you from satisfactorily performing all of your usual services for the Company, with or without reasonable accommodation, for a period of at least one hundred eighty (180) days during any twelve (12) month period (whether or not consecutive). Based upon such medical advice or opinion, the determination of the Company shall be final and binding and the date such determination is made shall be the date of such Complete Disability for purposes of this Agreement.

 

(iii) “Good Reason” means the occurrence of one or more of the following (through a single action or series of actions) without your written consent: (A) the assignment to you of any authority, duties or responsibilities or the reduction of your authority, duties or responsibilities, either of which results in a material diminution in your authority, duties or responsibilities at the Company, unless you are provided with a comparable position (i.e., a position of equal or greater organizational level, duties, authority and status); or (B) a material reduction by the Company in your Base Salary, other than a one-time reduction that is applicable to substantially all other similarly-situated executives.

 

An event or action will not constitute Good Reason unless (1) you give the Company written notice within 30 days after you know or should know of the initial existence of such event or action, (2) such event or action is not reversed, remedied or cured, as the case may be, by the Company as soon as possible but in no event later than 30 days of receiving such written notice from you, and (3) you terminate employment within 30 days following the end of the cure period.

 

(iv) “Involuntary Termination” means a termination of your employment by the Company without Cause or you terminate your employment with the Company for Good Reason.

 

5. Conditions to Receipt of Severance or other Benefits Pursuant to this Agreement.

 

(a) Release of Claims Agreement. Notwithstanding anything herein contained to the contrary, in order for you to receive any severance or other benefits pursuant to Section 4(b) of this Agreement (the “Severance Benefits”), you will be required to sign and not revoke a separation and release of claims agreement in a form reasonably satisfactory to the Company (the “Release”). In all cases, the Release must become effective and irrevocable no later than the 60th day following your Involuntary Termination (the “Release Deadline Date”). If the Release does not become effective and irrevocable by the Release Deadline Date, you will forfeit any right to the Severance Benefits. In no event will the Severance Benefits be paid or provided until the Release becomes effective and irrevocable.

 

(b) Section 409A.

 

(i) Notwithstanding anything to the contrary in this Agreement, no Severance Benefits to be paid or provided to you, if any hereunder that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or provided until you have a “separation from service” within the meaning of Section 409A. Similarly, no Severance Benefits payable to you, if any, under this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until you have a “separation from service” within the meaning of Section 409A.

 

 

(ii) It is intended that none of the Severance Benefits will constitute Deferred Payments but rather will be exempt from Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 5(b)(iii) below or resulting from an involuntary separation from service as described in Section 5(b)(iv) below. In no event will you have discretion to determine the taxable year of payment of any Deferred Payment.

 

(iii) Notwithstanding anything to the contrary in this Agreement, if you are a “specified employee” within the meaning of Section 409A at the time of your separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first 6 months following your separation from service, will become payable on the date 6 months and 1 day following the date of your separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, in the event of your death following your separation from service, but before the 6 month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of your death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iv) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of this Section 5.

 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A- 1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of this Section 5.

 

(vi) The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the Severance Benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be exempt. You and the Company agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. In no event will the Company reimburse you for any taxes that may be imposed on you as result of Section 409A.

 

6. Pre-Employment Conditions.

 

(a) Confidentiality Agreement. Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company, of the Confidentiality Agreement, a copy of which is attached hereto as Attachment A for your review and execution on or before December 29, 2023.

 

(b) Verification of Information. This offer of employment is also contingent upon the successful verification of the information you provided to the Company during your application process, as well as a general background check performed by the Company to confirm your suitability for employment. By accepting this offer of employment, you warrant that all information provided by you is true and correct to the best of your knowledge, you agree to execute any and all documentation necessary for the Company to conduct a background check and you expressly release the Company from any claim or cause of action arising out of the Company’s verification of such information.

 

 

7. Successors.

 

(a) Company’s Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business or assets that becomes bound by this Agreement.

 

(b) Your Successors. This Agreement and all of your rights hereunder shall inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

8. Clawback. Notwithstanding any provision in this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement, as well as any other payments and benefits which the Executive receives pursuant to a Company plan or other arrangement, shall be subject to a clawback to the extent necessary to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any Securities and Exchange Commission rule and the Company’s clawback policy in effect from time to time.

 

9. Miscellaneous.

 

(a) Notice. All notices and other communications contemplated under this Agreement shall be in writing and shall be deemed to have been duly given, made and received (i) when delivered personally; (ii) two (2) days following the day when deposited with a reputable, established overnight courier service for delivery to the intended addressee, the first of which such delivery shall have been with signature required from the recipient; (iii) five (5) days following the day when deposited with the United States Postal Service as first class, registered or certified mail, postage prepaid; and (iv) by confirmed electronic (email) transmission or facsimile. In your case, mailed notices shall be addressed to you at the home address that you most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of the Board.

 

(b) Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(c) Whole Agreement. No other agreements, representations or understandings (whether oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement and the Inventions Agreement contain the entire understanding of the parties with respect to the subject matter hereof.

 

(d) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.

 

(e) Choice of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of Florida without giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

 

 

(f) Dispute Resolution.

 

(i) The parties shall be free to bring all differences of interpretation and disputes arising under or related to this Agreement to the attention of the other party at any time without prejudicing their harmonious relationship and operations hereunder and the offices and facilities of either party shall be available at all times for the prompt and effective adjustment of any and all such differences, either by mail, telephone, or personal meeting, under friendly and courteous circumstances. Notwithstanding the foregoing, any controversy, claim, or breach arising out of or relating to this Agreement which the parties are unable to resolve to their mutual satisfaction shall be resolved in accordance with subparagraph (ii) below.

 

(ii) As a condition precedent to invoking any other dispute resolution procedure including litigation, the parties shall attempt in good faith first to mediate such dispute and use their best efforts to reach agreement on the matters in dispute. Within five business days of the request of either party, the requesting party shall attempt to employ the services of a third person mutually acceptable to both parties to conduct such mediation within five business days of the mediator’s appointment. Unless otherwise agreed upon by the parties hereto, the parties shall share the cost of the mediator’s fees and expenses equally. If the parties are unable to agree on such third person, then the requesting party may submit the matter to the nearest office of the American Arbitration Association for mediation, only, in accordance with the commercial mediation rules then prevailing. If, on completion of such mediation, the parties are still unable to agree upon and settle the dispute, then either party may initiate litigation. This Agreement contains no arbitration clause. Binding arbitration may only be used upon the mutual agreement of the parties hereto.

 

(g) No Assignment. This Agreement and all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time.

 

(h) Interpretation; Construction. The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel to the Company, but you acknowledge your understanding that you have been advised to consult with an attorney prior to executing this Agreement (and by your execution hereof, you acknowledge that you have so consulted with an attorney of your choice or have knowingly and voluntarily waived such consultation), and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Agreement.

 

(i) Representations and Warranties. You represent and warrant that you are not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that your execution and performance of this Agreement will not violate or breach any other agreements between you and any other person or entity. You further represent and warrant that you will not, during the term hereof, enter into any oral or written agreement in conflict with any of the provisions of this Agreement, the agreements referenced herein and the Company’s policies.

 

 

(j) Return of Company Property. Upon termination of this Agreement or earlier as requested by the Company, you shall deliver to the Company any and all equipment, and, at the election of the Company, either deliver or destroy, and certify thereto, any and all drawings, notes, memoranda, specifications, devices, formulas and documents, together with all copies, extracts and summaries thereof, and any other material containing or disclosing any third-party information or proprietary information.

 

(k) Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me, along with a signed and dated original copy of the Confidentiality Agreement, on or before December 29, 2023.

 

Very truly yours,

 

SIGMA ADDITIVE SOLUTIONS, Inc.
By:	/s/ Frank Orzechowski
Name:	Frank Orzechowski, Chief Financial Officer
ACCEPTED AND AGREED:
WILLIAM KERBY
/s/ William Kerby
Signature
Date:	12/29/2023

 

 

ATTACHMENT A

 

EMPLOYEE INVENTION ASSIGNMENT AND
CONFIDENTIALITY AGREEMENT

 

(Attached)

 

 

 

EXHIBIT 99.1

 

 

Sigma Additive Solutions Completes Acquisition of Travel Technology Company NextTrip Holdings

 

Sigma Additive Solutions Shareholders Approved Proposals Enabling Acquisition of NextTrip Holdings, Inc. on December 28, 2023

 

NextTrip Specializes in Using Proprietary Technology, Analytics and Strategic Partnerships to Provide Specialized Solutions in Leisure, Wellness and Business Travel

 

Santa Fe, NM – January 3, 2024 – Sigma Additive Solutions, Inc. (NASDAQ:SASI) (“Sigma”, “we,” “our,” or the “Company”) today announced the completion of its acquisition of NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida (“NextTrip”), through a previously announced share exchange. The acquisition, which was first announced October 2023, closed on December 29, 2023, at which time NextTrip became a wholly owned subsidiary of the Company. Additionally, effective upon closing of the acquisition, Jacob Brunsberg, President and Chief Executive Officer of Sigma, resigned from such roles, and Bill Kerby, Chief Executive Officer of NextTrip, was appointed a Chief Executive Officer of Sigma. Mr. Brunsberg will continue to serve as a director on Sigma’s board.

 

On December 28, 2023, at Sigma’s 2023 annual meeting of shareholders, Sigma shareholders voted to approve the issuance of shares of Sigma common stock associated with the acquisition of NextTrip, pursuant to the Share Exchange Agreement entered into with NextTrip and certain other parties in October 2023, and to further approve the terms of such Share Exchange Agreement.

 

“We are pleased to have received the overwhelming support of shareholders that voted for this transformative acquisition,” said Jacob Brunsberg, former President and Chief Executive Officer of Sigma.

 

“We look forward to integrating NextTrip in the near-term and working with the NextTrip team to increase shareholder value by providing a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services.”

 

Bill Kerby, Chief Executive Officer of NextTrip and the newly appointed Chief Executive Officer of Sigma, commented, “We thank everyone who participated in the meeting and vote, and believe the acquisition will maximize value for all shareholders. This transaction will allow NextTrip the ability to execute our strategic growth plans and expand our reach into new markets as part of a public company for the benefit of Sigma equity holders, while tying the issuance of additional earn out equity to clear business objectives for NextTrip. Our growth and expansion plans are highly focused on the roll out of key technology developments that will broaden our footprint as an innovative travel technology company specializing in using proprietary technology, analytics, and strategic partnerships to provide customized, unique and differentiated travel solutions in leisure, wellness, and business travel. As a public company with access to additional sources of capital, we will be focused on scaling our travel booking engine that, prior to the COVID-19 pandemic, had an over 6 million legacy customer database and generated over $400 million in bookings in 2019.”

 

Lyndsey North, President of NextTrip, commented, “This transaction is the capstone to a foundation-building 2023 for NextTrip, and we believe that it positions us for a transformational year ahead. Throughout the year we continued to position NextTrip as a significant player in the travel space, building over 200 direct relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services to ensure robust products and an offering of more than 2 million hotels worldwide. Our focus was on contracting and re-contracting with travel product suppliers and connecting APIs with vendors and suppliers. Our platform is now directly connected to top channel managers such as Dingus, HBSI and more. We also have in place a dedicated U.S.-based call center team with decades of product and destination knowledge.

 

 

“Our team has been diligently working on a comprehensive technology update and integration of our acquired scalable travel booking engine into the NextTrip ecosystem in preparation for its full launch. A soft launch in late November 2023 resulted in top-line revenue growth of over 75% vs the prior month. At go-live, we expect to have over 3 million properties available in more than 200 countries worldwide. Additionally, we have a curated collection of more than 200 of the most sought-after resorts in Mexico and the Caribbean that we intend to strategically scale. In the past several weeks, we have been beta testing the platform, technology, and connections. A marketing beta program received strong opens and conversions to bookings. We are now preparing to shift to the live production site and ramping up marketing to our 6+ million customer database, with a target launch in the next 30-60 days. Looking ahead into 2024, we are highly enthusiastic for our business and expect the launch and ramp of our booking platform will act as a significant accelerator for NextTrip,” concluded North.

 

Additional information about the acquisition and the terms thereof are included in the Current Reports on Form 8-K filed by Sigma with the Securities and Exchange Commission (SEC) on October 10, 2023 and January 3, 2024, as well as the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023. Additional information about Sigma’s annual meeting of shareholders and items approved at thereat are included in the Current Report on Form 8-K filed by Sigma with the SEC on January 2, 2023, as well as the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023.

 

Highlights of NextTrip & the Acquisition

 

	●	As previously announced on October 13, 2023, Sigma entered into a Share Exchange Agreement with NextTrip and certain other parties, pursuant to which it agreed to acquire 100% of the capital stock of NextTrip in exchange for shares of Sigma common stock constituting 19.99% of its outstanding common stock at closing of the acquisition, plus additional contingent shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business performance of NextTrip.
	●	Assuming all business milestones are achieved, NextTrip’s equity holders will receive a total of 6 million shares of Sigma common stock, resulting in existing Sigma holders retaining, on a pro forma basis, approximately 11.5% of the total outstanding shares.
	●	At closing, Sigma President and CEO, Jacob Brunsberg, resigned from such roles (but will remain a director on the company’s board), and NextTrip CEO, William Kerby was appointed as CEO of the company. Additionally, Mark Ruport, chairman of the company’s board of directors, resigned, and Donald Monaco, who was designated by NextTrip, was appointed as a director and chairman to fill the vacancy created by Mr. Ruport’s resignation.
	●	Going forward, the remaining board seats will continue to be filled by Sigma’s current directors during the realignment period, with NextTrip earning the right to designate additional board members and officers upon reaching business milestones in accordance with the Share Exchange Agreement.
	●	The company intends to change its ticker symbol to “NTRP” in the near future, and subject to stockholder approval, to change the name of the company to NextTrip, Inc.
	●	Lake Street Capital Markets acted as the financial advisor to Sigma in connection with the acquisition.
	●	The acquisition provides the opportunity for NextTrip to become a publicly traded company on Nasdaq. The transaction will be transformational since, as a public company, NextTrip is expected to have access to additional sources of capital on more favorable terms to fund strategic growth initiatives, as well as the ability to tap into adjacent markets and more efficiently scale existing operations.
	●	NextTrip recently completed the acquisition and integration of a scalable travel booking engine that, prior to the COVID-19 pandemic, had a 6 million + legacy customer database and generated over $400 million in bookings in 2019. The parties expect that the booking engine acquisition will act as a significant accelerator to the company’s business.
	●	NextTrip has assembled a team with more than 100 years of combined travel experience that brings deep experience across key areas of the travel industry including online travel distribution, wholesale distribution and travel technology. We believe that the team’s strong relationships and industry experience serve as a catalyst for positioning NextTrip as a significant player in the travel space.
	●	In 2023, NextTrip established more than 200 direct relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services to ensure robust products and an offering of more than 2 million hotels worldwide.
	●	Following a period of strategic realignment which is tied to certain NextTrip business objectives, NextTrip’s potential future initiatives will be focused on driving the company’s renewed growth agenda, exploring strategic M&A to drive revenue synergies through the expansion of product and travel consumer offerings, and continuing to invest in the development of innovative technologies to connect travel customers for discovery and booking domestic and international destinations.

 

 

About NextTrip

 

NextTrip is a technology-driven platform delivering innovative solutions for business and leisure travel. NextTrip Leisure provides individual and group travelers with vacations to the most popular and sought-after destinations in Mexico, the Caribbean and across the world. NextTrip Business is an online corporate travel and expense management solution with a large inventory of travel options and discounted rates. NextTrip Solutions offers travel technologies that make the jobs of alternative lodging property managers, wholesalers, distributors and other travel industry players easier and more efficient. For more information and to book a trip, visit https://investors.nexttrip.com/.

 

About Sigma Additive Solutions

 

Sigma Additive Solutions, Inc. has historically been a provider of in-process quality assurance (IPQA™) solutions to the additive manufacturing industry. Sigma has specialized in the development and commercialization of real-time monitoring and analytics known as PrintRite3D® for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies by reducing waste, increasing yield, and shortening cycle times.

 

As previously disclosed in Sigma’s filings with the SEC, in October 2023 Sigma entered into an Asset Purchase Agreement, pursuant to which it has agreed to sell its historic business to Divergent Technologies, Inc. The sale is expected to be completed in January 2023, at which time the NextTrip business will become the sole business of the company.

 

Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including approval of the corporate name change and authorized share increase by Sigma shareholders, risks relating to the Acquisition and the closing of the proposed asset sale to Divergent. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, Sigma’s ability to obtain shareholder approval of the name change and authorized share increase, the completion of the asset sale, amongst other things. Sigma disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise, except as required by applicable law. For additional information regarding risks and uncertainties that could impact Sigma’s forward-looking statements, please see disclosures contained in the Definitive Proxy Statement filed by Sigma with the SEC on December 1, 2023 and Sigma’s other filings with the SEC, including the “Risk Factors” in Sigma’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and which may be viewed at www.sec.gov.

 

Contacts

 

Chris Tyson

Executive Vice President

MZ Group - MZ North America

949-491-8235

SASI@mzgroup.us

www.mzgroup.us

 

 

v3.23.4

Cover	Dec. 29, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 29, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-38015
Entity Registrant Name	SIGMA ADDITIVE SOLUTIONS, INC.
Entity Central Index Key	0000788611
Entity Tax Identification Number	27-1865814
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3900 Paseo del Sol
Entity Address, City or Town	Santa Fe
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87507
City Area Code	(505)
Local Phone Number	438-2576
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	SASI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

---