MONTREAL, Aug. 19, 2014 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) maintains a share purchase option plan as an incentive for key management. The quantity of approved options has remained 9,989,421 for several years. The Company is commenting to correct prior inaccurate disclosures concerning re-pricing of previously issued share purchase options, and the type of incentive option plan in force.
Re-pricing of Options Misreported in September 30, 2013, Annual Financial Statements
At the Annual General and Special Meeting of the shareholders held on December 20, 2011, the shareholders voted on a motion to re-price all outstanding options to $0.10. The vote was passed by a majority; however, option holders' votes were later excluded from the total because they are not considered disinterested shareholders. This means that the re-pricing was not passed. This reporting error was subsequently repeated in the quarterly statements. It will be corrected in the June 30th, 2014, third quarter reports. None of the options were exercised and all outstanding options have expired. Currently, no options are issued and outstanding.
Stock Option Plan Modified from Rolling to Fixed
In 2012, the TSX Venture Exchange approved Sofame's request to convert the incentive stock option plan from a rolling plan capped at 10% of all issued and outstanding common shares, to a fixed number of options plan capped at 9,989,421 share purchase options. Due to the fact that the plan is now a fixed number of shares plan, shareholder and exchange approval of the plan is no longer needed on an annual basis. The motion to approve the plan will be omitted from the next annual meeting to be held later this year, which will be referred to as Annual General Meeting of the shareholders.
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: Sofame Technologies Inc.
For further information: John Gocek, President & CEO, (514) 523-6545 x200; Stone Communication Services: Jason Stone, (416) 867-2533, [email protected]