MONTREAL, Jan. 16, 2013 /CNW Telbec/ - Imaflex is pleased to announce that, effective as of January 15, 2013 (the "Effective Date"), it has engaged SectorSpeak Inc. (the "Consultant") pursuant to a capital markets consulting agreement (the "Agreement"), to assist the Company in developing its investors relation strategy and undertake investor relations and communications activities for the Company in Canada and abroad. Imaflex is committed to implementing a thorough investor relations program to increase the company's capital market visibility. SectorSpeak is a Canadian capital markets consulting company focused on providing investor relations and corporate finance services to North American companies.
Under the terms of the Agreement, Imaflex will pay SectorSpeak a monthly retainer fee of $3,000 for its services for the first six (6) months and $5,000 per month thereafter until termination of the Agreement. The Agreement will be automatically renewed further to the initial six (6) months term and may be terminated by either party at any time by giving the other party a thirty (30) days prior written notice. Imaflex will also grant SectorSpeak up to 200,000 incentive stock options (the "Options") entitling SectorSpeak to acquire up to 200,000 common shares of the Company (the "Common Shares") for a period of two (2) years from the date of grant of the Options. Based on the terms and conditions of the Company's stock option plan, one quarter of the Options vest immediately upon grant with an additional quarter vesting every three month period thereafter. 100,000 Options are granted as of the Effective Date at an exercise price of $0.36 per Common Share until January 15, 2015 and another 100,000 Options will be granted in six (6) months from the Effective Date provided the Agreement has not previously been terminated. The Agreement and the granting of the Options pursuant thereto are subject to the approval of the TSX Venture Exchange.
SectorSpeak Principal, Mr. Hogan Mullally, currently has no direct or indirect interest in securities of Imaflex and will maintain an arm's-length relationship with Imaflex.
Safe Harbor Statement
Certain statements and information included in this release constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's other public filings. Unless otherwise required by the securities authorities, we do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.
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: IMAFLEX INC.
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