TORONTO, Dec. 10 /CNW/ - HydraLogic Systems Inc. ("HydraLogic" or the
"Company") (TSX.V: HLS - OTC Pink Sheet: HYSYF) today announced that it has
amended and increased the exercise price of stock options issued to its board
reported on November 6, 2007 from $0.165 to $0.30.
At a meeting of the Board of Directors on November 27, 2007 it was
decided that the exercise price for the previously granted options would be
amended and increased to $0.30 Cdn. per share. The stock options will vest in
equal thirds with vestment dates of April 30, 2008, October 31, 2008 and
April 30, 2009. The Stock Options have a maturity date of October 31, 2010.
In addition to the above a further 50,000 options were granted to the
newly appointed director, Dennis Nykoliation on December 3, 2007 at a grant
price of $0.30. Mr. Nykoliation's options will vest in equal thirds with
vestment dates of May 31, 2008, November 30, 2008 and May 31, 2009 and have a
maturity date of November 30, 2010. Following the issuance of these options
there are 3,165,778 options remaining available for issuance under the
June 28, 2007 amended Stock Option Plan.
About HydraLogic Systems:
HydraLogic is an innovator of engineered misting systems and proprietary
environmental chemistries with reoccurring revenue distribution platforms. The
company strives to be market leaders in providing technologies, though turn
key distribution and service models into the multi-billion dollar mosquito and
odour control industries as Bug DeFence and HLS Ecolo respectively.
HydraLogic Systems is traded on the TSX Venture exchange - symbol: HLS.
Forward Looking Statements
This press release contains certain "forward looking statements". These
statements relate to future events or future performance and reflect
expectations and belief regarding growth, results of operations, performance,
business prospects, opportunities or industry performance and trends. These
forward looking statements reflect current internal projections, expectations
or beliefs and are based on information currently available. A number of
factors could cause actual events or results to differ materially from the
results discussed in the forward looking statements. Although it is believed
that the forward looking statements contained in this press release are based
upon reasonable assumptions, investors cannot be assured that actual results
will be consistent with these forward looking statements. These forward
looking statements are made as of the date of this press release, and
HydraLogic Systems Inc. assumes no obligation to update or revise them to
reflect new events or circumstances, except as required pursuant to applicable
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: Glen Akselrod, Bristol Capital Ltd., (905)