BURNABY, BC, May 4, 2016 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, announces the grant under its Stock Option Plan of stock options to purchase an aggregate of 1,717,000 common shares of the Company at an exercise price of $0.71 per share for a term of 5 years. In addition, the Company announces the grant under its Restricted Share Unit Plan of restricted share units to purchase an aggregate of 645,000 common shares of the Company at a price of $0.71 per share for a term of two years. Both the Stock Option Plan and Restricted Share Unit Plan were approved by the shareholders at the Company's Annual General Meeting held yesterday.
The stock options and restricted share units were granted to certain directors, officers and employees of the Company and are subject to any necessary regulatory approvals. Options granted to directors and officers will vest as to 25% of the optioned shares on the date of grant and a further 25% will vest every six months thereafter until fully vested. Options granted to employees will vest equally in annual instalments over the four-year period following the grant date, beginning on the first anniversary of the grant date. Restricted share units granted to directors will vest in annual instalments over a two‑year period following the grant date, with one‑third vesting on the date of grant and one‑third on each of the first and second anniversaries of the date of grant.
The Board appointed Michael Goldstein as Deputy Chair of the Board of Photon Control effective immediately. Mr. Goldstein is an independent director of the Company and has served as a member of the Board since August 2014.
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at www.photon-control.com/investorrelations.html
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Photon Control Inc.
For further information: For Investor Relations Inquiries Please Contact: Helena Rebec, CPIR Chief Administrative Officer / IR, Hrebec@photon-control.com, 604.422.8861 Ext 101