Ergoresearch Ltd

Ergoresearch Ltd

December 06, 2011 15:43 ET

Ergoresearch Announces the Appointment of Its New V-P Research & Development and Grants Stock Options to Its Vice-Presidents

MONTREAL, QUEBEC--(Marketwire - Dec. 6, 2011) - Ergoresearch Ltd « Ergoresearch» (TSX VENTURE:ERG), is pleased to announce the appointment to its management team of Mr. Louis Desrosiers, ING., M.Sc. as Vice-President Research & Development.

Mr. Desrosiers is an advanced materials engineer. He obtained is degree from the Laval University in 1985. He is a specialist in product development and innovation processes. He cumulates more than 20 years experience in the manufacturing industry and 10 years in the orthopedic field. He was co-owner of Autonomie Santé and later La Maison Orthésis orthopedic laboratories network.

Mr. Desrosiers' vast experience in research and development as well as in the orthopaedic industry, can only assure the financial health and profitability of future operations.

The Board of Directors also granted by way of resolution and in compliance with the Company's stock option plan:

  • 225,000 stock options to its new V-P Research and Development Mr Louis Desrosiers, Ing., M.Sc.
  • 100 000 stock options to its V-P Operations, Mr Frederic Petit
  • 100 000 stock options to its V-P Finance, Mrs Isabelle Sauvageau, CA

The exercise price of all the options was fixed at $0.15 per share. Ergoresearch's closing price, on December 5, 2011 was $0.15 / share. These options can be exercised at the earliest to arrive of the following dates: 10 years from the date they were granted, or December 6, 2021, subject to the provisions of the stock option plan of Ergoresearch and TSX Venture Exchange policies.

A total of 5 000 000 stock options are available under the Company's stock option plan. The total amount of common shares issued is 59 606 275.

The total amount of stock options outstanding granted to Directors and key employees is now at 2 425 000 stock option (at an average exercisable price of 0.14$ per share), leaving 2 550 000 undistributed stock option.

Mr. Sylvain Boucher President & CEO explains: « This appointment strengthens the current management team. Mr. Desrosiers' profound knowledge of the orthopaedic industry will bring a valued contribution to the Company's future endeavors in the continuous pursuit of its ambitious expansion strategy».

Mr. Desrosiers added: « I am looking forward with enthusiasm to the challenges this position will provide. My experience and competence will certainly be put to contribution in the accomplishment of the Company's ambitious growth strategy».

About Ergoresearch

Over the past 5 years, Ergoresearch has built the largest network of orthotic clinics in Québec with over 60 business centres and associates. With a team of 74 individuals, it conceives and develops software for clinical analysis and manufacturing as well as medical equipment aimed at the orthopaedic industry. Today, the evolution of its proprietary clinical and production softwares and related medical equipments enables Ergoresearch to participate in the consolidation of the orthopaedic market and allows noticeable competitive advantages. The Company is involved in eight (8) advanced research projects with institutions such as «Université Laval» in Québec and the Center for Orthetic and Prosthetic Solutions located in Merici College in Québec. Ergoresearch was the first company to develop and commercialize its proprietary Expert-Fit clinical and manufacturing software which, paired with a high precision pressure mapping system designed to measure and analyze pressure distribution, provides a unique 3D digital image of the foot. The parent company, Ergoresearch Ltd., is listed on the Toronto Stock Exchange- TSX Venture Exchange under the ticker symbol ERG.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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