LEVIS, QC, April 8 /CNW Telbec/ - DEQ Systems Corp. ("DEQ" or the
"Company") (TSXV: DEQ), a leading provider of table game bonusing,
jackpot and loyalty solutions, announces today that it plans to reprice
4,385,000 stock options of the Company, subject to regulatory and
disinterested shareholders' approval. These options having exercise
prices between $0.38 and $1.45 per share with expiry dates between 2014
and 2019 will be repriced at an exercise price of $0.35, which
represents a premium of 25% on the average share price of the last
twelve months of $0.28. The repricing represents a dilutive net effect
of approximately 2.3% using a price of $1.00 per share.
In accordance with TSX Venture Exchange policies, the repricing of any
options held by officers and directors of a company is subject to
disinterested shareholder approval. Accordingly, disinterested
shareholders of the Company will be asked to approve the repricing of
3,675,000 stock options held by officers and directors as well as the
710,000 stock options held by employees at DEQ's annual and special
meeting scheduled on May 11, 2011.
Earle G. Hall, President and CEO of DEQ informs, "In 2008, the Board of
Directors compensation package was reduced by more than $100,000 and
directors have since been compensated mainly with stock options for
their work. It is important to note that all directors must be licensed
in every jurisdiction and this is tedious and hard work on a regular
basis. As well, as part of the cost cutting measures for the company,
DEQ's management team agreed to salary reductions and the restructuring
of all departments of the company to save more than $500,000 in annual
operating costs. The goal of the stock option repricing for the
management team is to compensate them for these reductions and salary
freezes. DEQ has a very strong management team and this gesture is to
ensure they participate in the future success of DEQ. Our goal is to
ensure their retention and continued mobilization as DEQ grows rapidly
in the near and long term with very restricted resources."
DEQ Systems Corp. (TSXV: DEQ) is a global provider of gaming technology
in over 30 countries. Protected by more than 20 patents in 50
countries, DEQ specializes in progressive and random bonusing systems
for table games. DEQ's innovation and ingenuity has been to replace the
single dollar coin slot and sensor with its internationally award
winning G3™ technology. The G3 incorporates multiple credit betting,
dealer hand betting and mystery bonusing. DEQ also commercializes
technology and patents including the award winning baccarat revolution,
EZ Baccarat™ and related auxiliary products such as EZ Trak™. DEQ is
and will continue to lead innovation in the table game bonusing segment
of the global gaming market. For further information, please visit www.deq.com.
TSX Venture does not accept any responsibility regarding the accuracy of the information contained in this press release.
Forward-looking statements contained in this Press Release involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance and achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by the said forward-looking statements.
SOURCE DEQ SYSTEMS CORP.
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