ST. JOHN'S, Jan. 25 /CNW/ - Today, Rutter Inc. (TSX: RUT) announced that a total of 1,850,000 options have been awarded. Each option entitles the holder to purchase one common share of the Company at $0.14 at any time for a period of five years, consistent with the Company's stock option plan.
Of the options granted, a total of 600,000 were granted to the Directors, 100,000 to each Director, excluding Mr. Fraser H. Edison who, as President and CEO of the Company, is not entitled to any compensation as a director of the Company. The options granted to each Director were fully vested as of January 15, 2010.
The President and CEO of the Company was granted a total of 1,250,000 options. Vesting of the options is tied to the achievement of specific performance criteria established by the Board for Mr. Edison including meeting budget targets and reducing the cost of the Company's long term debt. If the criteria are not achieved as required the options expire.
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. Multidisciplinary consulting engineering services including civil, structural, mechanical and electrical engineering (other than automation engineering) as well as environmental and construction management services are provided to a diverse client base which includes all levels of government and the oil and gas and industrial sectors. For more information see www.rutter.ca
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Rutter Inc.
For further information: For further information: Karen Snook, Chief Financial Officer, Rutter Inc., (709) 368-3174; Dan Herder, Corporate Secretary, Rutter Inc., (709) 368-3174