TORONTO,
Oct. 31, 2013 /CNW Telbec/ -
Mitec Technologies Inc. ("Mitec" or the"Company") held
its annual and special meeting of shareholders on October 30, 2013. At the meeting,
approximately 88 per cent of the shares represented in person or by
proxy approved all the resolutions circulated to shareholders.
As previously announced on October 7, 2013, and subject to regulatory
approval, Abe Schwartz joins Mitec's
board of directors and replaces Ed
Leavens who has tendered his resignation. "Mitec is
very grateful to Ed for all his hard work in helping Mitec achieve
its objectives and officially welcomes Abe
Schwartz to the board of directors after his many years as
an advisor to Mitec", said Jeffrey
Mandel, Mitec's CEO. "Mitec also welcomes Seth Rudin to the board and we look forward to
working with him", said Mandel.
Mitec's board of directors also approved the
issuance of 480,000 stock options to certain individuals involved
with the commercialization of the IP the Company recently acquired.
A further 360,000 stock options were awarded to directors and
officers of the Company. The options issued to directors and
officers have an exercise price of $0.40 per common share, will vest over the next
year and are valid for a period of five years from the date of
grant. The options were granted in accordance with the
Company's stock option plan previously approved by
shareholders. Abe Schwartz has
declined the receipt of any stock options as part of this
grant.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Mitec Technologies Inc.