MONTREAL, QUÉBEC--(Marketwired - Jan. 24, 2014) - SENSIO Technologies Inc. ("SENSIO" or "the Company") (TSX VENTURE:SIO)(OTC:SNIOF), announced today the new composition of its Board of directors, following its annual meeting which took place earlier today in Montreal.
The Board of directors elected today comprises the following new members:
- Mr. Georges Karam - Chairman of the Board
- Mr. Yann Paquet - Board director and member of the Audit committee
- Mr. Mathieu Péloquin - Board director and member of the Audit committee
Additionally, two members of the outgoing Board of directors are renewing their tenure:
- Mr. Yvan Goineau - Board director and President of the Audit committee
- Mr. Nicholas Routhier - Board director and President & Chief Executive Officer of the Company
Changes to remuneration and structure
For the purpose of enabling the company to use its funds for further development of 3DGO!, a new remuneration method has been established, under which independent Board members will be remunerated solely in stock options of the Company. The remuneration will be applied as follows, at the price of $0.12 per share, representing the closing price of the stock on January 23, 2014:
- Chairman of the Board: 225,000 options
- Chairman of the Audit committee: 175,000 options
- Other independent members of the Board: 125,000 options
- Total: 650,000 options
"We strongly believe in SENSIO and we wish to show our commitment to the Company by forfeiting a traditional form of remuneration in favor of this options-based method," said Georges Karam, Chairman of the Board. "By doing so, we are ensuring that SENSIO's financial resources will be dedicated to development efforts for the years to come. We're eager to contribute to the success of the Company in the coming months and years, and this is merely one of our first efforts to that end."
In order to alleviate the structure of the Board, its members have also agreed to abolish the Human Resources committee. Instead, related decisions will now devolve directly to the Board.
Extension of options for outgoing members of the Board of directors
Current members of the Board have also agreed to extend the validity of options belonging to outgoing members of the Board until January 23rd, 2015, subject to the approval of the TSX Venture Exchange.
"By extending the validity of their options, we wish to acknowledge the outstanding work of our outgoing Board members", said Nicholas Routhier, President & Chief Executive Officer of the Company. "Their support and continuous efforts over all these years were crucial for the development of the Company, notably for the inception and launch of 3DGO!, and we owe them a great part of our continued success."
For further information on SENSIO and its technologies, please visit www.sensio.tv
About SENSIO Technologies Inc. (SENSIO):
SENSIO Technologies Inc. (www.sensio.tv) has been leading the floor in bringing 3D video to the consumer since 1999. Its vision, expertise and state-of-the-art solutions, based on diversified stereoscopic image-processing technologies, have been trusted by some of the biggest names in the media and entertainment industries to power numerous industry firsts, initiate new business models and generate immediate revenue with a distinctive 3D offering.
SENSIO enables its clients to deliver the best possible 3D experience for the end-user through a broad portfolio of products, including its flagship, award-winning technology, SENSIO® Hi-Fi 3D. Through SENSIO solutions, consumers can access - with effortless interaction and complete peace of mind - 3D content of superior quality to common frame-compatible formats distributed over existing infrastructure (cable, satellite or over IP) and displayed using any existing digital equipment (cinema, home cinema, TV, game consoles or PC). SENSIO is listed on the Toronto TSX Venture Exchange.
SENSIO® is a registered trademark of SENSIO Technologies Inc.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis of SENSIO for the quarter ended November 30, 2013. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.