VANCOUVER, British Columbia, April 10 /PRNewswire-FirstCall/ -- On July
6, 2006, Current Technology Corporation (the "Company") announced that
Keith Denner had granted to the Chairman and to the Chief Executive
Officer, for nominal consideration, options ("Options") to purchase common
shares in the capital of the Company, from his personal holdings, under the
following terms and conditions:
i) total number of shares under option -- 3,000,000;
ii) exercise price -- $0.38 (all funds USD) per share;
iii) vesting -- fifty percent of the options to vest if the Company's
shares close at $0.78 or higher, and the remaining fifty percent to
vest if they close at $1.14 or higher;
iv) term -- the option to expire on July 5, 2008;
v) Mr. Denner to have the right to donate all or a portion of the
3,000,000 shares to a charity or charities, subject to the terms of
the option agreements; and
vi) Robert Kramer must be an officer of the Company at the time of
exercise of the option.
The Company's Board of Directors has reviewed the terms of the options and confirmed they are fair to the Company and that no consideration was provided by the Company to Mr. Denner to induce him to grant the options.
"I have been and remain a long-term supporter of the Company," stated Mr. Denner. "I believe it is in the shareholders' best interests to incentivize the Chairman and CEO of the Company and I am pleased to do my part by offering a portion of my personal holdings to that end. I am very supportive of the Company's recent acquisition of a controlling interest in Celevoke, Inc. and feel it appropriate to extend the term of my option to Mr. Kramer for another year to July 5, 2009."
Mr. Denner owns 16,619,266 common shares (representing approximately
12.83% of the issued and outstanding shares of the Company) and warrants to
purchase an additional 27,548
|SOURCE Current Technology Corporation|
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