TORONTO, March 16, 2016 /CNW/ - SQI Diagnostics Inc. ("SQI Diagnostics" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), a life sciences company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced that effective March 14, 2016, it has granted 2,054,000 stock options as part of a Company-wide long-term incentive plan. The goal of the grant is to align the interest of all employees with those of shareholders. 1,638,000 options have been granted to certain officers and directors. Independent directors did not receive options in this grant.
The options were granted at an exercise price of $0.30. Pursuant to the previously approved stock option plan, the options vest in three equal installments annually over a three year period and expire after five years, if not exercised. Following the grant of these options there will be 3,764,000 options outstanding. There are currently 69,347,000 common shares outstanding.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality. For more information, please visit sqidiagnostics.com.
This press release contains certain words and statements, which may constitute "forward-looking statements" within the meaning of applicable securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties detailed in the Company's ongoing filings with the securities regulatory authorities, available to the public at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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 SQI Diagnostics Inc.
For further information: Chief Executive Officer, Andrew Morris, 416.674.9500 ext. 229, email@example.com; Vice President of Finance, Patricia Lie, 416.674.9500 ext. 277, firstname.lastname@example.org