Cognitronics Announces Grant of Nonqualified Inducement Options to Key ThinkEngine Personnel
08 November 2005 - 8:15PM
PR Newswire (US)
DANBURY, Conn., Nov. 8 /PRNewswire/ -- In connection with the
acquisition of ThinkEngine Networks, Inc., Cognitronics Corporation
(AMEX:CGN) announced today that five management executives and nine
engineers of ThinkEngine have been granted nonqualified employment
inducement stock options to purchase an aggregate of 705,000 shares
of Cognitronics' common stock pursuant to American Stock Exchange
Rule 711. All of the option grants are contingent upon continued
employment with Cognitronics after the closing of the acquisition,
have an exercise price equal to the closing price of Cognitronics'
common stock on October 27, 2005, become exercisable over a
30-month period through May 1, 2008 in three or four installments
(the soonest commencing on the closing of the acquisition) and
expire on October 31, 2015. About Cognitronics Cognitronics is a
leading supplier of media server solutions to the
telecommunications industry. The company's Cognitronics Exchange
Network Media Servers (CX Series) are a cost-effective and highly
scalable family of carrier class media server platforms, delivering
advanced network media solutions in VoIP networks as well as in
traditional AIN and TDM circuit switched environments. For more
information, visit the company's website at
http://www.cognitronics.com/. About ThinkEngine Networks Founded in
2000, ThinkEngine Networks is a leading provider of TDM and IP
capable conferencing bridges and media servers. The VSR1000C
includes both TDM and IP interfaces as standard equipment and is
capable of processing 1000 simultaneous sessions in a compact 1U
platform. The NEBS 3 certified platform has been deployed by
customers to implement Reservation-less Conferencing, Prepaid
Calling, and IVR applications. Working with partners, ThinkEngine
is a disruptive force in the marketplace -- drastically reducing
the cost of implementation while giving customers a migration path
from TDM to VoIP. ThinkEngine is located in Marlborough,
Massachusetts. Statements contained herein which are not historical
facts are forward- looking statements. The forward-looking
statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve a number of risks and
uncertainties including, but not limited to, the continuance of
reduced capital expenditures throughout the telecommunications
market, variability of sales volume from quarter to quarter,
product demand, market acceptance, litigation, risk of dependence
on significant customers, third party suppliers and intellectual
property rights, risks in product and technology development and
other risk factors detailed in the company's Securities and
Exchange Commission filings. DATASOURCE: Cognitronics Corporation
CONTACT: Harold F. Mayer, +1-203-830-3494, for Cognitronics Web
site: http://www.cognitronics.com/
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