MONTREAL, Aug. 19, 2014 /CNW Telbec/ - Sofame
Technologies Inc. (TSXV: SDW) (OTC: SFMGF) maintains a share
purchase option plan as an incentive for key management. The
quantity of approved options has remained 9,989,421 for several
years. The Company is commenting to correct prior inaccurate
disclosures concerning re-pricing of previously issued share
purchase options, and the type of incentive option plan in
force.
Re-pricing of Options Misreported in September 30, 2013, Annual Financial
Statements
At the Annual General and Special Meeting of the shareholders
held on December 20, 2011, the
shareholders voted on a motion to re-price all outstanding options
to $0.10. The vote was passed by a
majority; however, option holders' votes were later excluded from
the total because they are not considered disinterested
shareholders. This means that the re-pricing was not
passed. This reporting error was subsequently repeated in the
quarterly statements. It will be corrected in the June 30th, 2014, third quarter reports.
None of the options were exercised and all outstanding options have
expired. Currently, no options are issued and
outstanding.
Stock Option Plan Modified from Rolling to Fixed
In 2012, the TSX Venture Exchange approved Sofame's request to
convert the incentive stock option plan from a rolling plan capped
at 10% of all issued and outstanding common shares, to a fixed
number of options plan capped at 9,989,421 share purchase
options. Due to the fact that the plan is now a fixed number
of shares plan, shareholder and exchange approval of the plan is no
longer needed on an annual basis. The motion to approve the
plan will be omitted from the next annual meeting to be held later
this year, which will be referred to as Annual General Meeting of
the shareholders.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sofame Technologies Inc.