Immunotec Inc.
TSX VENTURE : IMM

Immunotec Inc.

June 14, 2013 16:16 ET

Immunotec Announces a Corporate Update

VAUDREUIL-DORION, QUEBEC--(Marketwired - June 14, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Corporation" or "Immunotec") announced today that at a meeting of its board of directors (the "Board") held on this date, the Board approved the following matters:

  • the ratification of the termination of Mr. Robert Henry as CEO and Chairman of the Board of the Corporation which occurred on May 10, 2013 and the termination of Mr. Henry as director of the Corporation's subsidiaries. The Board asked for the resignation of Mr. Henry as a director of the Corporation and its subsidiaries. The Chairman indicated to Mr. Henry that directors representing over 50% of the issued and outstanding shares held in the capital of Immunotec (the "Shares") voted in favour of his dismissal. As Mr. Henry declined to resign, the Board also approved the calling of a special meeting of the shareholders of Immunotec for the purpose of removing Mr. Henry from its Board;
  • the appointment of Mr. Rod Budd, who has been a director since 2011, as Chairman of the Board, and of Mr. Charles Roberts, one of the founders of the Corporation, as Chairman Emeritus of the Corporation;
  • the ratification of the appointment of Mr. Charles Orr as CEO of the Corporation as of June 1st, 2013, the approval of his employment agreement as well as the grant of options (the "Options"), pursuant to the Immunotec Stock Option Plan, entitling him to acquire up to an aggregate of 500,000 Shares. These Options will be issued on the date which is 2 trading days after the issuance of the Corporation's financial results of the second quarter of the 2013 financial year, at an exercise price established at the greater of $0.30 or the market price of the Shares at the close of business on the day preceding the date of grant, since the Board believes that the current market price of the Corporation's Shares is undervalued. These Options will vest over a two-year period, with 250,000 vesting on each of June 1, 2014 and June 1, 2015. Each Option is exercisable, once vested, for a period of five years from the date of the grant. Mr. Orr's role as Lead Director of the Corporation was terminated due to his CEO appointment.

About Immunotec Inc.

Immunotec is a world-class business opportunity supported by unique, scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Corporation also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Mexico, Europe and the Caribbean.

The Corporation files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Corporation's website at www.immunotec.com. The Shares are listed on the TSX Venture Exchange under the ticker symbol IMM.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

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.

Contact Information

  • Patrick Montpetit
    Chief Financial Officer
    (450) 510-4527