VANCOUVER, Jan. 10, 2019 /CNW/ - JEMTEC Inc. (TSX-V: JTC) (the "Company") announces that the Company's Chairman, Jeremy Kendall, had exercised an option to purchase 57,805 shares of JEMTEC stock. Further that the CEO, Eric Caton, had exercised an option to purchase 45,000 shares of JEMTEC stock.
Pursuant to the Company's 2005 Plan (the Plan), the Board of Directors may, from time to time, grant options to directors, officers, employees and consultants of the Company. Each option entitles the holder to acquire one common share of the Company at such price and on such terms as determined by the Board in accordance with the Plan. The Options exercised by the Chairman and CEO were granted on December 3rd 2015 under the Plan at an exercise price of $0.345 and were fully vested on June 03, 2017. Following these transactions the Chairman owns 4.9% while the CEO owns 21.01% of Jemtec's common stock.
The Company also mentions for clarity these exercises are separate from the 125,000 options granted under the 2018 Plan to certain directors of the Company at an exercise price of $0.75 per share. Those options are subject to vesting provisions over a two-year period. Pursuant to the 2018 Plan, these options may not be exercised until shareholder approval has been received for both the 2018 Plan and the specific option grants to each individual director.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the 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 Jemtec Inc.
For further information: Eric Caton, President, Phone (877) 929-4559, Fax (877) 929-4198, www.jemtec.ca