NISKU, AB, Feb. 19 /CNW/ - Wood Composite Technologies Inc. ("Wood
Composite") announces that it will mail materials today related to its annual
and special meeting of shareholders for the year ended September 30, 2007. The
meeting is scheduled to be held on March 20, 2008. The record date for notice
and voting for the meeting has been established as February 18, 2008. Copies
of these documents will be available at www.sedar.com or the company's
Wood Composite also announced the grant of an aggregate of 1,650,000 new
stock options to eligible participants pursuant to its shareholder approved
Stock Option Plan as well as the extension of the term on 3,200,000 previously
granted options. The new options are exercisable for a five-year term at
$0.25 per common share. 450,000 of such options vest over three years from the
date of grant and the remainder of the options are fully vested upon grant.
The previously granted options were originally granted with a five-year term
at $0.25 and are fully vested. Such options are being extended for an
additional three-year term. Following today's grant, 1,121,193 common shares
remain reserved for issuance pursuant to outstanding options granted pursuant
to Wood Composite's Stock Option Plan. The option grants and option amendment
have been approved subject to all applicable regulatory approvals, if any.
Wood Composite also announced that Mr. Dayan Henson, the current Chairman
of the Board and Mr. Michael Henson, a director of Wood Composite will not be
standing for re-election at the upcoming shareholder meeting.
Mr. Dayan Henson has been a director since February 2005 and Mr. Michael
Henson has been a director since October 2006. Both of the Hensons are
involved with Deesons Investments Ltd. "On behalf of the rest of Wood
Composite's board of directors and all its employees, we would like to thank
both Dayan and Michael for their strong support of the company at very
critical stages in the company's development, both through their involvement
with Deesons Investments as well as their valuable contributions to the board.
We wish the Hensons continued success and look forward to their continued
support of the company as valued investors."
About Wood Composite
Wood Composite is an Edmonton, Alberta based junior industrial company
focused on the development, manufacture and sale of alternative composite
building materials. Wood Composite has been marketing its business via
Millennium Decking Inc., which is a wholly owned subsidiary of Wood Composite.
Wood Composite maintains certain patents and processes that are proprietary to
the Company which combine recycled polyvinyl chloride (PVC) and wood flour to
produce a unique, attractive, durable and low maintenance exterior decking
product. Wood Composite is listed on the TSX Venture Exchange under the symbol
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: John Greenwood, President and Chief Executive
Officer, Telephone: (780) 955-3525, Facsimile: (780) 955-7075, Websites:
www.mdecking.com and www.woodcomp.com