OTTAWA, Dec. 9, 2015 /CNW/ - Magor Corporation (TSX-V:MCC), a global leader in visual collaboration solutions, today announced today that it has cancelled an aggregate of 3,116,900 stock options previously granted to certain directors, officers, employees and consultants of the Company from 2010 to 2015. Subsequent to the cancellation of these options and pursuant to its stock option plan, the Company has granted stock options to directors, officers, employees and consultants of the Company to purchase up to an aggregate of 4,200,720 common shares in the capital stock of the Company. The stock options are exercisable for a five-year period at a price of $0.05 per common share. Granting of these options is subject to TSX Ventures Exchange approval. A total of 1,950,000 of the options which were granted to insiders of the Company are subject to disinterested shareholder approval and may not be exercised until such approval has been obtained. Following the grant and cancellation of options, the Company has 4,637,220 stock options outstanding.
"Equity grants continue to play a significant role as an incentive to attract and retain the best and brightest employees," stated Terry Matthews, Chairman of Magor Corporation. "The Magor Corporation board of directors fully understands and supports a stock option plan for current and future employees in order to keep us in a competitive hiring position within our industry."
About Magor Corporation:
Magor develops and markets visual collaboration software addressing the needs of meeting rooms, desktops and mobility devices, as part of a cloud service offering called Aerus. Magor's Aerus service delivery platform removes the limitations of traditional video conferencing and collaboration tools to provide entirely new ways of interacting with video with the goal of creating new ways to be productive. To find out more about Magor Corporation (TSX-V: MCC), visit our website at http://www.magorcorp.com.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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 Magor Corporation
For further information: Mike Pascoe, President and CEO, Magor Corporation, 613-686-1731 ext 5510, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group, 416-644-5081, [email protected]