Family Zone reaches 20,000 subscribers, opens options to employees

Company News

by Kathy Skantzos

Cybersecurity company Family Zone (ASX:FZO) has announced it has reached a milestone of more than 20,000 registered paid subscribers.

Reaching this milestone has meant that current employees excluding directors have been allowed options under the company’s employee share option plan.

Employees will be allocated 6.4 million employee options at 33 cents a share upon reaching three conditions, including registration of 20,000 and 30,000 subscribers by the end of the year, and achieving revenue in excess of $10 million per year by June 2019.

Upon achieving the first condition of more than 20,000 registrations, 1.6 million employee options have been vested across most employees of the company, which will be offered until September 2019.

Half of Family Zone’s subscribers have become customers in the past four months, whereas it took the company three years to attract its first 11,000 paying subscribers.

Shares in Family Zone (ASX:FZO) closed flat yesterday at $0.78 a share.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.