Puget Technologies Inc. (OTCMKTS:PUGE) is up 15% in a week. The company announced that in response to Carlos H. Arce’s hiring as the Registrant’s new general counsel and chief compliance officer, the Registrant had signed a work agreement with Arce.
According to the employment agreement terms, Arce will be the Registrant’s chief compliance and legal officer. His role will be to oversee the Registrant’s legal affairs and implement compliance plans as approved by the company’s board of directors. In addition, despite his full obligations, Arce will be allowed to take roles in other private, public and governmental agencies.
The employment term is three years with annual automatic renewals unless one party notifies the other on intention not to renew. In addition, Arce will receive a $25,000 signing bonus and will be entitled to a monthly salary paid in arrears of $12,500, accumulating from the initial limited offering closing of Registrant equity affected as per Commission Rule 506(b). Therefore, PUGE is worth watching in the coming weeks.
Market Reaction:
On Tuesday, PUGE stock lost 1.09% at $0.0120 with more than 160.07 million shares, compared to its average volume of 119.97 million shares. The stock has moved within a range of $0.0115 – 0.0133 after opening the trade at $0.0121.
