SAN DIEGO, Aug. 20, 2015 /CNW/ -- OneRoof Energy Group, Inc. ("OneRoof Energy" or the "Company") (TSXV:ON) today announced that its board of directors approved the repricing of all outstanding stock options previously granted pursuant to the Company's stock option plan.
A total of 3,712,279 stock options were issued in 2014 at a price of $2.40 and were later repriced to the then current market price of OneRoof Energy's common shares, $0.71 per share, on January 15, 2015. Given the current market price of OneRoof Energy's common shares, the board of directors has approved the further repricing of these stock options from $0.71 to $0.11, which reflects the closing price for OneRoof Energy's common shares on the TSX Venture Exchange on August 19, 2015.
"Equity grants continue to play a significant role as an incentive to attract and retain the best and brightest employees," stated David Field, President and Chief Executive Officer for OneRoof Energy. "The OneRoof Energy 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."
The repricing is subject to acceptance by the TSX Venture Exchange and the repricing of any options held by insiders of the Company or their associates is subject to disinterested shareholder approval.
About OneRoof Energy
OneRoof Energy Group, Inc., operating through its wholly-owned subsidiary, OneRoof Energy, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof Energy is partnering with traditional residential solar originators, energy retailers, traditional electronics retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. OneRoof Energy currently serves residential customers in Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut and New York, with plans for additional expansion. For more information, visit www.oneroofenergy.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management's expectations or estimates regarding OneRoof Energy Group's and OneRoof Energy's future performance, are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
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OneRoof Energy Group, Inc.
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OneRoof Energy Group, Inc.
SOURCE OneRoof Energy Group, Inc.