TORONTO, Oct. 31, 2013 /CNW Telbec/ - Mitec Technologies Inc. ("Mitec"
or the"Company") held its annual and special meeting of shareholders on
October 30, 2013. At the meeting, approximately 88 per cent of the
shares represented in person or by proxy approved all the resolutions
circulated to shareholders.
As previously announced on October 7, 2013, and subject to regulatory
approval, Abe Schwartz joins Mitec's board of directors and replaces Ed
Leavens who has tendered his resignation. "Mitec is very grateful to
Ed for all his hard work in helping Mitec achieve its objectives and
officially welcomes Abe Schwartz to the board of directors after his
many years as an advisor to Mitec", said Jeffrey Mandel, Mitec's CEO.
"Mitec also welcomes Seth Rudin to the board and we look forward to
working with him", said Mandel.
Mitec's board of directors also approved the issuance of 480,000 stock
options to certain individuals involved with the commercialization of
the IP the Company recently acquired. A further 360,000 stock options
were awarded to directors and officers of the Company. The options
issued to directors and officers have an exercise price of $0.40 per
common share, will vest over the next year and are valid for a period
of five years from the date of grant. The options were granted in
accordance with the Company's stock option plan previously approved by
shareholders. Abe Schwartz has declined the receipt of any stock
options as part of this grant.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Mitec Technologies Inc.
For further information:
Mr. Jeffrey Mandel
President, CEO & Chairman