Vigil Health Solutions Inc.
TSX VENTURE : VGL

Vigil Health Solutions Inc.

May 09, 2008 17:35 ET

Vigil Health Solutions Inc.: Grant of Restricted and Deferred Stock Units

VICTORIA, BRITISH COLUMBIA--(Marketwire - May 9, 2008) - Vigil Health Solutions Inc. ("Vigil") (TSX VENTURE:VGL) announces the grant of 1,200,000 restricted stock units (RSUs) to Officers of Vigil and 1,150,000 deferred stock units (DSUs) to the Directors of Vigil. The Officer's RSUs are separated into two allotments of 600,000, which are earned over predetermined time periods and only if, in the period prior to each installment, the target average share price, or the Company's operating budget are achieved, respectively. Directors receive no cash or other compensation for their services as a Director outside of the grant of DSUs.

The 1,150,000 DSUs granted to Directors will vest in four equal installments every six months commencing on the grant date and only become exercisable upon ceasing to be a Director of Vigil or, upon a change of control. Each DSU may be settled for one common share, the cash equivalent, or a combination of both.
For 600,000 of the RSUs granted to Officers, one-third is earned on each of the next three anniversaries of the grant date provided that the Company's operating budget is achieved for the preceding year. All earned RSUs become exercisable on the third anniversary of the grant date or, upon a change of control. Each RSU entitles the holder to receive one common share.

For the remaining 600,000 RSUs granted to Officers, ten percent is earned at the end of each of the Company's next 20 fiscal quarters following the grant date contingent upon achieving the target average share prices previously set by the Directors. All earned RSUs become exercisable on the third anniversary of the grant date, and RSUs earned after the third anniversary become exercisable, to the extent earned, on the fourth and fifth anniversaries of the Grant Date or, upon a change of control.

About Vigil Health Solutions Inc.

Vigil offers a proprietary technology platform combining software and hardware to provide comprehensive solutions to the expanding aged care market. Vigil has established a growing presence in North America and an international reputation for being on the leading edge of systems design and integration. The Vigil Integrated Care Management System™ (Vigil® System) includes the award-winning Vigil Dementia System, a nurse call system, bed monitoring, resident check in, and the latest development the Vigil Wireless call system. The first to supply dementia specific care technology, Vigil facilitates the highest standard of care for cognitive residents while helping dementia residents enjoy a higher quality of life and greater dignity.

Certain information contained in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Forward looking statements may include estimates, plans, expectations, opinions, forecasts or other statements that are not statements of fact. Although the Company believes that the expectations are reasonable, actual events or results may differ from the Company's expectations.

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

Contact Information