Thursday February 3, 9:36 am Eastern Time
Company Press Release
EMR Microwave Technology
Corporation Press Release
FREDERICTON, NEW BRUNSWICK--(BUSINESS WIRE)--Feb. 3, 2000--EMR Microwave Technology Corporation (CDNX:EMW. - news; the ''Corporation'') announces that the term of the performance escrow agreement dated December 30, 1994 (the ''Escrow Agreement'') among the
Corporation, CIBC Mellon Trust Company and various security holders of the Corporation has been extended for a further five years.
Under the original terms of the Escrow Agreement, every one escrowed share (''Performance Share'') subject to the Escrow Agreement was to be released from escrow for every $0.20 of cash flow from
the operations of the Corporation for a five year period ending December 31, 1999. A total of 5,337,150 Performance Shares are subject to the Escrow Agreement, none of which had been earned out as of December 31, 1999. The amendment to the Escrow Agreement means that the Performance Shares will remain eligible for release based on cash flow of the Corporation until December 31, 2004. This extension is subject to approval by disinterested shareholders which will be obtained at the Corporation's annual general meeting for its fiscal year ended December 31, 1999.
EMR Microwave Technology Corporation is a process technology company dedicated to providing applications for the resource industries using proprietary microwave systems. The company's head office, analytical labs, and pilot plant are located in Fredericton, New Brunswick.
The Canadian Venture Exchange has neither approved nor disapproved of the contents of this press release.
Contact:
EMR Microwave Technology Corporation
J. Brian Neill, 506/444-8704, 1-888-561-3671
506/459-4345 (FAX)
investors@emrmicrowave.com |
