VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2014) - Apivio Systems Inc. (formerly Moimstone Corporation) ("Apivio" or the "Company") (TSX VENTURE:APV) announces that its Board of Directors, subject to disinterested shareholder approval, has approved the re-pricing of a total of 3,716,125 outstanding options to purchase common shares (the "Options"). Apivio approved a reduction in the exercise price of 3,450,625 Options from $0.75 to $0.44 and the remaining Options have had their exercise price adjusted proportionately.
The re-pricing of the Options has been approved by the TSX Venture Exchange ("TSX-V") and disinterested shareholder approval will be sought at the Company's upcoming Annual General Meeting to be held on June 27, 2014. The re-pricing of the Options is subject to the approval of a simple majority of the Company's shareholders excluding votes attached to shares beneficially owned by the persons that hold or will hold the Options and associates of such persons. Prior to the Company's receipt of disinterested shareholder approval, none of the Options may be exercised at the revised price.
Apivio's board of directors has also recently approved an amended stock option plan to, among other things, increase the maximum total number of options exercisable into common shares available for grant by, as of the date hereof, 2,135,970 or approximately 5% of Apivio's issued and outstanding common shares as at March 31, 2014. The amendments to the stock option plan remain subject to the approval of Apivio's shareholders at the next annual general meeting and to the approval of the TSX-V.
Apivio also announces that today its board of directors granted a total of 1,342,985 stock options to Apivio directors (the "Conditional Options"). The Conditional Options have an exercise price of $0.44, the equivalent to Apivio's closing market price of $0.44 on May 23, 2014. The Conditional Options will vest as follows: (i) 66,667 immediately on the date of the grant; (ii) 447,663 on December 31, 2014; (iii) 447,662 on December 31, 2015; and 380,993 on December 31, 2016. Of the Conditional Options, 787,169 stock options have been drawn from the increased option pool created as a result of the stock option plan amendments and as such, remain subject to Apivio receiving shareholder and TSX-V approval prior to their exercise.
About Apivio Systems
Apivio Systems Inc. is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with nine year history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding the Company, please refer to its respective public filings available at www.sedar.com.
This press release has been prepared by Apivio Systems Inc. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, anticipated shareholder approval, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Apivio has attempted to identify important factors that could affect Apivio and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Apivio does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.