MONTREAL, June 21, 2016 /CNW Telbec/ - Imaflex Inc. (TSXV:
IFX) ("Imaflex" or the "Corporation") has granted incentive
stock options (the "Options") to one employee and two
consultants entitling the recipients to acquire up to 1,300,000
common shares of the Corporation (the "Common Shares") for a period
of five (5) years from the date of grant of the Options. The
options will vest over a two year period in equal semi-annual
instalments with the first tranche vesting 6 months hence. The
Options are granted as of June 21, 2016 at an exercise
price of $0.40 per Common Share and will be valid
until June 21, 2021. One employee residing in the United States will receive 1,000,000
options and two consultants, one whom performs investor relations
duties for the Corporation and another who performs business
development activities for the Corporation will each receive
150,000 options.
The Corporation also announces that chairman and chief executive
officer Joe Abbandonato will be on a medical leave of absence,
effective immediately.
The Corporation's board of directors has named Tony
Abbandonato, Imaflex's co-founder, Vice-President and corporate
Secretary, interim CEO until Joe
Abbandonato's return which is anticipated sometime later
this year. Tony Abbandonato, along with Joe Abbandonato and Gerry Phelps founded Imaflex in 1991.
Tony Abbandonato rejoined the Board
of Directors on Monday following the vote on company directors at
the Annual General Meeting.
"I have full confidence that Tony will be able to continue the
solid execution and performance that we have experienced over the
last few quarters. Tony's knowledge of our business, along
with his operational background and expertise, make him an
excellent candidate to fill in for me during my absence. We also
have an extremely strong executive team working to support him."
said Joe Abbandonato.
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.
Cautionary Statement on Forward Looking Information
Certain information included in this press release constitutes
"forward-looking" statements within the meaning of Canadian
securities laws. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by the management of the Corporation, are inherently
subject to significant business, economic and competitive
uncertainties, risks and contingencies. The Corporation cautions
the reader that such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of Imaflex to
be materially different from the Corporation's estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and that the forward-looking statements
are not guarantees of future performance. These statements are also
based on certain factors and assumptions. For more details on these
estimates, risks, assumptions and factors, see the Corporation's
most recent Management Discussion and Analysis filed on SEDAR. The
Corporation disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise, except as expressly required by law. Readers
are cautioned not to put undue reliance on these forward-looking
statements.
SOURCE Imaflex Inc.