Sustainable Energy to Re-Price Stock Options
Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) ("Sustainable Energy " or
"the Company") has reduced the exercise price of 1,449,372 previously granted
incentive stock options under the Company's Stock Option Plan held by employees
and officer and directors of the Company to an exercise price of $0.30 per
common share. The option expiry date will not change.
To incentivize management to drive the Company to profitability an amendment has
been made to agreements to provide for acceleration of the date for exercise of
the option to the last day of first month following two consecutive quarters of
positive earnings before interest depreciation and taxes.
The Company has also issued a total of 1,151,647 new incentive stock options to
officers, directors and employees exercisable at a price of $0.40 with an expiry
date of May 31, 2023. The stock options shall only be exercisable following two
consecutive quarters of positive earnings before interest depreciation and
taxes, or if the Company is acquired within the next 24 months.
The purpose of re-pricing previously granted options and granting new incentive
options is to provide an incentive to the directors, officers, employees, and
consultants to continue their involvement with the Company and to increase their
efforts on the Company's behalf that is more closely aligned with the interests
of the Company's shareholders by allowing them an opportunity to participate in
the growth in value of the Company.
The re-pricing of options is subject to approval of the TSX Venture Exchange
plus the re-pricing of options held by officers and directors is subject to
disinterested shareholder approval. The options held by officers and directors
cannot be exercised until disinterested shareholders have approved the
re-pricing. Accordingly, disinterested shareholders will be asked to approve the
re-pricing of options for officers and directors at the next Annual General
Meeting of the Shareholders at which time the Company will submit a revised
Stock Option Plan for approval by all shareholders
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures
intelligent power inverters for a wide arrange of distributed generation and
storage technologies. The inverters incorporate patented breakthrough
technologies which enable the highest efficiency conversion of low voltage
direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar
industry's only industry standard inverter enabling the higher yields and
installation flexibility; the solar industry's only industry standard inverter
enabling the safety of extra low operating voltages and (iii) the industry's
highest bi- directional power conversion efficiencies for grid tied energy
storage and fuel cells
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been
installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute
forward-looking statements within the meaning assigned by National Instruments
51-102 and other relevant securities legislation. In particular, it includes:
statements concerning the impact of Sustainables' technology on solar PV system
performance; statements concerning market outlooks; and statements concerning
the potential for sales revenues. While management believes these statements to
be accurate they are dependent on a wide range of factors beyond management's
control and should not be viewed as a guarantee of the specific outcome.
Forward-looking information is not a guarantee of future performance and
involves a number of risks and uncertainties.
Many factors could cause the Companies' actual results, performance or
achievements, or future events or developments, to differ materially from those
expressed or implied by the forward-looking information. Readers are cautioned
not to place undue reliance on forward-looking information, which speaks only as
of the date hereof. The Companies do not undertake any obligation to release
publicly any revisions to forward- looking information contained herein to
reflect events or circumstances that occur after the date hereof or to reflect
the occurrence of unanticipated events, except as may be required under
applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sustainable Energy Technologies Ltd.
Chief Executive Officer
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