Immunotec Inc.
TSX VENTURE : IMM

Immunotec Inc.

February 18, 2015 16:48 ET

Immunotec Announces Proposed Management Incentive Plan

VAUDREUIL-DORION, QUÉBEC--(Marketwired - Feb. 18, 2015) - Immunotec Inc. (TSX VENTURE:IMM), a direct- to-consumer company and a leader in the nutritional industry (the "Company" or "Immunotec"), today announced the terms of its new Management Incentive Plan ("MIP"). This MIP will be submitted to the Company's shareholders for approval at the upcoming Annual and Special Meeting of Shareholders to be held on March 17, 2015.

The MIP is designed on a pool concept of sharing results of the Corporation with its key executives, selected management employees and external business consultants ("Eligible Employees").

On an annual basis, the Board of Directors will establish a "Manageable Net Profit" target for the given fiscal year ("Annual Target"), calculated as the Company's profit before income taxes adjusted for exceptional gains or for charges and costs related to circumstances which are outside of management's control.

The calculation of the amount of the bonus pool to be shared amongst Eligible Employees shall be established subsequent to year-end based on the Company's actual Manageable Net Profit provided that it is equal or higher to a certain pre-determined percentage of the Annual Target.

Each Eligible Employee shall be eligible to receive a bonus payment which shall equal a pre-determined percentage of the bonus pool. Two-thirds of the bonus payments shall be payable in cash and one-third of the bonus payments shall be payable through the issuance of common shares of the Company. Three million (3,000,000) common shares of the Company would be reserved for the issuance under the MIP for an estimated maximum dilution of approximately 4.4%.

The MIP would apply to the 2015 to 2019 fiscal years inclusively. Should the Company wish to continue the MIP after the 2019 fiscal year, the MIP would be resubmitted to the Company's shareholders for re-approval.

The Board of Directors of Immunotec has approved the MIP. The full text of the MIP appears in the Company's Management Proxy Circular which is expected to be mailed to Immunotec's shareholders and filed on SEDAR at www.sedar.com on February 19, 2015.

About Immunotec Inc.

Immunotec is a Canadian-based Company that develops, manufactures, markets and sells research-driven nutritional products through direct-to-consumer sales channels in Canada, the U.S. and Mexico. The Company offers an extensive family of nutritional products targeting health, wellness, weight management, as well as energy and fitness. The Immunocal family of products is supported by over 40 published articles and supporting science in medical and scientific literature.

Please visit us at www.immunotec.com for additional information.

The Company files its continuous disclosure documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM. 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.

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, Annual Information Form and Preliminary Short Form Prospectus, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

Contact Information

  • Immunotec Inc.
    Patrick Montpetit CPA:CA, CF
    Vice-President and Chief Financial Officer
    (450) 510-4527