Extract from Form 8-K filed Mar16/99:
-options exercised info - they all bought @ 6.65 and sold at $8.35, at a profit of "only" $1.70 share. Hmmm. They sold and made 25% profit.
-date of agm May 20.
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Item 5. Other Events.
(a) In a press release dated March 16, 1999, the Company reported that it
anticipates that its financial results for the first quarter of 1999
will be significantly lower than expected. A copy of the press release
is attached as Exhibit 99 hereto.
(b) In January 1999, L. Barry Thomson, who is President, Chief Executive
Officer and a director of the Company, exercised options to purchase
99,900 shares of the Company's Common Stock; George Whitton, who is the
Company's Vice Chairman of the Board, exercised options to purchase
25,000 shares of the Company's Common Stock; and Gerard Compain, who is
a director of the Company and managing director of Ingenico, S.A., which
owns approximately 9% of the Company's Common Stock, exercised options
to purchase 20,000 shares of the Company's Common Stock. All of these
options were granted under the provisions of the International Verifact
Inc. 1997 Stock Option Plan and were scheduled to expire on January 13,
1999. The exercise price of all of the options was Cdn $6.65 per share.
The individuals then sold all of the shares issued to them upon exercise
of the options at a price of Cdn $8.35 per share, realizing a profit of
only Cdn $1.70 per share. Additionally, in December 1998, Peter E.
Roode, a director of the Company, exercised options to purchase 20,000
shares of Common Stock at a price of Cdn $6.65 per share and sold the
resulting shares at a price of Cdn $8.51 per share, realizing a profit
of only Cdn $1.86 per share. All of these options also were granted
under the provisions of the International Verifact Inc. 1997 Stock
Option Plan and were scheduled to expire on January 13, 1999.
(c) The Company's 1999 Annual Meeting of Stockholders will be held on May
20, 1999. |
