GUELPH, ON, Feb. 1, 2017 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced several new orders totalling $2.1 million. The orders are for air emission abatement projects in North America and Africa.
"We are off to a strong start for the 2017 year," said Derek S. Webb, President and Chief Executive Officer. "The accelerated booking activity this early in the calendar year helps to ensure a healthy backlog for delivery in subsequent quarters. The majority of the orders were from municipalities that specifically requested our reliable and superior performing systems, both key indicators of the brand we continue to build in communities across all continents."
The Company further announces that, under its amended and restated stock option plan dated November 23, 2016, it has granted incentive stock options to employees and officers to purchase an aggregate 3,130,000 common shares of the Company, subject to approval of the amended and restated plan and such options at the next annual meeting of the shareholders.
The stock options have an exercise price of $0.345 per share, which is approximately 19% above the current trading price on the TSX. The options vest over three years with a ten year expiry date of January 31, 2027. Upon granting of the options, the Company will have 3,657,000 options outstanding, which represent 9.5% of the Company's outstanding common shares.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 1,000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on BIOREM is available on our website at www.biorem.biz.
SOURCE Biorem Inc.
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For further information: Derek Webb, President and Chief Executive Officer, firstname.lastname@example.org, Tel: (519) 767-9100 Or Douglas Newman, Chief Financial Officer, email@example.com, Tel: (519) 767-9100