Pyng Technologies Corp -
Pyng Technologies cancellation of stock options
Pyng Technologies Corp PYT
Shares issued 9,788,905 1999-08-06 close $1.45
Friday Aug 6 1999
Mr. Edward Bence reports
A determination has been made to cancel all incentive stock options to purchase common shares of the company. As a result, options to purchase 683,400 shares in the company at prices ranging from $1.39 to $2.09 will be cancelled.
Subject to all required approvals, the company has granted to employees, service providers, directors and officers of the company and its subsidiary, Pyng Medical Corp., options to purchase up to 750,000 common shares at $1.30 per share, being the 10 day average trading price prior to the date of this news release. These options will expire on Aug. 6, 2001.
Mr. Jacobs stated that the purpose of cancelling all outstanding stock options and re-establishing them at a uniform price and uniform expiry date is to ensure that all optionees, including the directors and employees, are treated equally and also to realign the option exercise price the prevailing market price for the company's shares.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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