Mr. Gary Fitchett reports Edward Lai, former chairman, had stated, "The present Board of Directors should resign and make way for a new board to carry out its objectives and
initiate new approaches for the success of IBI."
Accordingly, effective immediately, Mr. Lai, Selvin Lee,Donald Karn and David Meyers have resigned as directors and officers of the company.
Mr. Fitchett remains as the sole director, and will announce shortly a restructured board of directors of five. The new board of directors will be put forward as a slate for further ratification and election by the
shareholders at the next annual general meeting, expected to be early in the new year.
Stock options
There were options outstanding in favour of certain directors and consultants to acquire a total of 4.42 million common shares at 4.5 cents and four cents per share. Certain of these options did not have a defined
expiry date. In view of the financial condition of the company, the exercise price was amended to seven cents per common share. Under the terms of the company stock option plan, options expire on the
30th day following resignation from the company. In view of the lengthy service to the company without remuneration, the option period for the resigning directors was extended for a six month period from the date of resignation.
As a condition of the contract of employment by the company, Management Synergistics, which provides the services of Mr. Fitchett, Adrienne Shillinglaw and its office, was granted options to acquire five million
common shares of the company, exercisable at seven cents per common share, until Sept. 30, 2002. |
