Eyelogic announces share options issuance and cancellations

CALGARY, Dec. 23 /CNW/ - Eyelogic Systems Inc. (TSX-V: EYE.A), announced the following cancelation and grants of stock options under its approved stock options plans, in conjunction with the employment contract with incoming Chief Financial Officer, Ryan Hoult, filed on SEDAR today.

Cancelled Options

On December 22, 2009 the Company cancelled 20,000 incentive stock options issued to Dewar McCarthy on June 23, 2006, and 15,000 incentive stock options issued to Dewar McCarthy on April 25, 2007.

Granted and issued Options

The Company granted and issued 15,000 incentive stock options to Ryan Hoult at an exercise price of $1.85 with a grant date of December 22, 2009 and an expiry date of December 22, 2014. The options will vest as to one-third upon the date of grant and one-third on each of the next two anniversaries thereafter.

Additionally, the Company announces that it had previously granted and issued 15,000 incentive stock options to Alan Rice at an exercise price of $2.25 with a grant date of April 20, 2008 and an expiry date of April 20, 2013. The options will vest as to one-third upon the date of grant and one-third on each of the next two anniversaries thereafter.

The Stock Options Plan was approved at the Annual General and Special Meeting of the Shareholders held on June 18, 2009.

THE TSX VENTURE EXCHANGE INC. HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Eyelogic Systems Inc.

For further information: For further information: Ryan Hoult, Chief Financial Officer, Tel: (403) 261-7500, Email: houltr@eyelogic.com

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Eyelogic Systems Inc.

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