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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (6044)	6/18/2002 4:00:35 PM
From: tuck	Respond to of 10280

OT >>I want to see more of these.<< OK. >>BOTHELL, Wash.--(BUSINESS WIRE)--June 17, 2002--EDEN Bioscience® Corporation (Nasdaq:EDEN - News) today announced that its Board of Directors has approved a voluntary stock option exchange program for employees. Under the program, eligible employees will be given the opportunity to cancel outstanding stock options previously granted to them in exchange for new options to be granted at a future date. The company expects to cancel all properly tendered options on July 17, 2002, although that date may be extended. The exercise price of these new options will be equal to the fair market value of the company's common stock on the date new options are granted, which is presently scheduled for January 20, 2003, although that date may also be extended. The company's Directors and Brad Powell, the company's Chief Financial Officer and Interim President, are not eligible to participate in the exchange. "Our employees are our most important asset and are essential to creating long-term shareholder value," said Brad Powell. "We believe that this program will help restore the options incentive by recognizing current stock market reality and its impact on our employees, while also taking into account our obligation to be responsible to all of our shareholders." The exchange program has been designed in accordance with Financial Accounting Standard Board (FASB) interpretation No. 44 "Accounting for Certain Transactions Involving Stock Compensation - An Interpretation of APB Opinion No. 25" and related interpretations. Accordingly, the company anticipates that there will be no variable compensation charges as a result of the exchange program.<< snip Cheers, Tuck