BURNABY, BC, May 5 /CNW/ - Legend Power Systems Inc. (TSX-V: LPS) (FSE: XLE) ("Legend Power") is pleased to announce that its shareholders have approved a new rolling share option plan (the "New Plan") under which 10% of the issued and outstanding common shares of the Company ("Shares"), from time to time, are reserved for issuance as a result of the grant of options. There are currently 38,157,198 Shares issued and outstanding. The New Plan replaces the Company's previous fixed share option plan under which 2,720,943 Shares were reserved for issuance.
The Company announces that it has granted incentive share options (the "Options") to purchase up to 425,000 Shares to certain directors, employees and consultants, subject to the approval of the New Plan by the TSX Venture Exchange. The Options are subject to certain vesting provisions. In particular, 250,000 Options vest over a twelve-month period and 175,000 Options vest over a five-year period. Subject to the vesting provisions and the terms of the New Plan, 150,000 of the Options are exercisable at an exercise price of $0.60 per Share on or before May 4th, 2012, 100,000 of the Options are exercisable at an exercise price of $0.55 per Share on or before May 4th, 2012, and 175,000 of the Options are exercisable at an exercise price of $0.55 per Share on or before May 4th, 2016.
The Company also announces that the granting of 150,000 Options, previously announced on November 2, 2009, and 100,000 Options, previously announced on February 9, 2010, are not proceeding.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power's Electrical Harmonizer-AVR helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in green house gas emissions. View "Legend Power Corporate Video" on YouTube at http://www.youtube.com/watch?v=EcBIFsXZTIA
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 Legend Power Systems Inc.
For further information: For further information: Gerry Gill, Chairman & CEO, Legend Power Systems Inc., (604) 420-1500, firstname.lastname@example.org