OTTAWA, Dec. 9, 2015 /CNW/ - Magor Corporation
(TSX-V:MCC), a global leader in visual collaboration solutions,
today announced today that it has cancelled an aggregate of
3,116,900 stock options previously granted to certain directors,
officers, employees and consultants of the Company from 2010 to
2015. Subsequent to the cancellation of these options and
pursuant to its stock option plan, the Company has granted stock
options to directors, officers, employees and consultants of the
Company to purchase up to an aggregate of 4,200,720 common shares
in the capital stock of the Company. The stock options are
exercisable for a five-year period at a price of $0.05 per common share. Granting of these options
is subject to TSX Ventures Exchange approval. A total of
1,950,000 of the options which were granted to insiders of the
Company are subject to disinterested shareholder approval and may
not be exercised until such approval has been obtained.
Following the grant and cancellation of options, the Company has
4,637,220 stock options outstanding.
"Equity grants continue to play a significant role as an
incentive to attract and retain the best and brightest employees,"
stated Terry Matthews, Chairman of
Magor Corporation. "The Magor Corporation board of directors fully
understands and supports a stock option plan for current and future
employees in order to keep us in a competitive hiring position
within our industry."
About Magor Corporation:
Magor develops and markets visual collaboration software
addressing the needs of meeting rooms, desktops and mobility
devices, as part of a cloud service offering called Aerus.
Magor's Aerus service delivery platform removes the
limitations of traditional video conferencing and collaboration
tools to provide entirely new ways of interacting with video with
the goal of creating new ways to be productive. To find out more
about Magor Corporation (TSX-V: MCC), visit our website at
http://www.magorcorp.com.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities
legislation. Statements made in this news release, other than
those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
uncertainties. The words "may", "will", "could", "should",
"would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", "hope",
and "continue" (or the negative thereof), and words and expressions
of similar import are intended to identify forward-looking
statements. Certain material factors or assumptions are
implied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Factors that could cause results to vary include those
identified in the Corporation's filings with Canadian securities
regulatory authorities, as well as the applicability of patents and
proprietary technology; the outcome of pending corporate
transactions; possible patent ligation; regulatory approval of
products in development; changes in government regulation or
regulatory approval processes; government and third party
reimbursement; dependence on strategic partnerships; intensifying
competition; rapid technological change in the industry;
anticipated future losses; the ability to access capital; and the
ability to attract and retain key personnel. All
forward-looking information presented herein should be considered
in conjunction with such filings. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made.
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.
SOURCE Magor Corporation