QUEBEC CITY, Jan. 30 /CNW Telbec/ - Medical Intelligence Technologies
Inc. (TSX-V: MIZ or the "Company"), a provider of innovative monitoring
solutions for the mobile telecare industry, announces that during a Board
meeting held January 29, 2009, the Company's Directors modified the CEO's
compensation and reduced his salary from 260,000$ to 195,000$, effective
January 29, 2009.
As well, the Board of Directors approved a total of 1,290,000 stock
option grants, which options will vest over of period of four years (the
"Options") and were granted to Eligible Persons pursuant the Company's current
Stock Option Plan (the "Plan").
Of those Options granted, 280,000 were granted to Philippe P. Huneault,
President and CEO, 150,000 to Patrice Malo, Vice-president and Chief Financial
Officer, 150,000 to Jean-François Montplaisir, Vice-president & Chief
Technology Officer, 150,000 to Charles Desbiens, Vice-president and COO,
150,000 to François Tricot, Vice-president Southern Europe and 150,000 to Mark
Johnson, Vice-president Northern Europe. The outstanding balance of 260,000
Options were granted to other employees of the Company. Each Option grants its
beneficiary the right to purchase a common share of the Company at a price of
0,10$ per share.
Subsequent to these Option grants, the amount of Options granted under
the Plan totals 7,300,000 of a maximum of 7,300,000 common shares reserved for
issuance under the Plan.
Conditional to the TSX-V's approval as well as the approval of a majority
of the Company's disinterested shareholders, the Board of Directors also
approved two recommendations of its Corporate Governance and Human Resources
Committee in order to: (i) reduce the exercise price of all Options currently
outstanding under the Plan to ,10$, and (ii) to increase the amount of shares
reserved for issuance under the Plan from 10 % to 20% of this issued and
outstanding shares of the Company, for an increase of 9,612,097 shares
reserved for issuance (the "Conditional Options"). These proposed
modifications are part of an overall compensation policy which seeks to
encourage the long term loyalty of the Company's employees, officers,
directors and consultants given the Company's current financial challenges.
Consequently, on January 29, 2009, the Company's Directors also approved
grants of 4,450,000 Conditional Options, of which 500,000 were granted to
Patrice Malo, 525 000 were granted to Jean-François Montplaisir, 600,000 were
granted to Charles Desbiens, 650,000 were granted to François Tricot and
850,000 to Mark Johnson. The outstanding balance of 1,325,000 Conditional
Options were granted to other employees of the Company.
Each Conditional Option grants its beneficiary the right to purchase a
common share of the Company at a price of 0,10$ per share, conditional to the
majority of the Company's disinterested shareholders approving, during the
Company's next special and annual meeting to be held in June 2009, the
increase in the shares reserved for issuance under the Plan as well as the
Conditional Options grants.
As well, the Company announces the departure of its Vice-president,
Business Development, Mr. Gilles Poitras, who resigned at the beginning of the
year. The Company wishes to thank Mr. Poitras for his important contribution
to the development of the Company and wishes him success in his future
About Medical Intelligence Technologies Inc.
Medical Intelligence is an early innovator in the mobile telecare
industry, providing solutions that integrate information and
telecommunications technologies. The Company designs portable GPS monitoring
and locating devices that assist individuals with health or safety concerns.
Based in Quebec City, the Company also has subsidiaries in France, Spain and
the United Kingdom (Medical Mobile) where it commercializes its four
solutions; the Columba GPS Bracelet; the Vega GPS Bracelet; the PERSmobile GPS
Emergency System, and Urgentys GPS Lone Worker. For further information, visit
www.medicalintelligence.ca or www.medicalmobile.com.
Any statement in this press release that does not relate directly and
exclusively to historical facts can be considered a forward-looking statement.
Such statements reflect the intentions, plans, expectations and beliefs of
Medical Intelligence Technologies, and are subject to risks, uncertainties and
other factors that are largely beyond the Company's control, to the extent
that actual results may differ significantly from those contemplated by such
statements. Medical Intelligence Technologies neither intends nor is required
to update or revise such forward-looking statements based on new information
or future events, or for any other reason.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Media Relations: Jean Brouillard, Jean
Brouillard Communication et relations publiques, (418) 682-6111,