Immunotec Inc.
TSX VENTURE : IMM

Immunotec Inc.

March 20, 2015 16:18 ET

Immunotec Reports Results of its Annual General and Special Meeting of Shareholders

VAUDREUIL-DORION, QUEBEC--(Marketwired - March 20, 2015) - Immunotec Inc. (TSX VENTURE:IMM), a direct-to-consumer company and a leader in the nutritional industry (the "Company" or "Immunotec"), today reported the results of its Annual General and Special Meeting of Shareholders held on March 17, 2015 ("AGM"). During the AGM, all current directors of the Company were re-elected, PricewaterhouseCoopers LLP was reappointed as the Company's auditor and the new Management Incentive Plan ("MIP") announced on February 18, 2015 was approved by disinterested shareholders. Three million common shares of the Company (the "Shares") are reserved and authorized for future issuance under this MIP. The full text of the MIP appears in the Company's Management Proxy Circular filed on February 19, 2015 on SEDAR and may be consulted at www.sedar.com.

The Company also reported that pursuant to its Stock Option Plan, a director was granted options entitling him to acquire up to 25,000 Shares. The exercise price of such options was established at $0.28, which is the closing price of the Shares on the TSX Venture Exchange the day before their issuance. These options will vest over a three-year period, with one-third (1/3) which will vest on each of the first, second and third anniversaries of the date of the grant. Each option is exercisable, once vested, for a period of five years from the date of grant.

Finally, the Company reported that an aggregate of 352,071 Shares ("Bonus Shares") were issued to selected management employees, officers and a consultant in partial payment of bonuses for the 2014 financial year pursuant to Immunotec's 2014 Incentive Plan, including 215,682 of these Bonus Shares which were issued to officers of the Corporation. The aggregate number of Bonus Shares was established based on a total bonus amount of $98,580 and on the closing price of the Shares of $0.28 on the TSX Venture Exchange the day before their issuance.

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.

Contact Information

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