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Serenic Grants Stock Options to Officers and Employees and Amends Exercise Price of Stock Options Granted to Employees(April 06, 2012)
EDMONTON, ALBERTA -- (Marketwire) -- 04/06/12 -- Serenic Corporation (the "Company" or "Serenic") (TSX VENTURE:SER), an international software developer specializing in integrated financial management and HCM solutions for Non-Profit organizations, government agencies, and Microsoft Dynamics NAV users, announced today the grant of stock options and amendment of the exercise price of stock options granted to employees.
The Company granted Randy Keith, President and Chief Executive Officer, 300,000 options with a strike price of $0.20 per share. The options will vest one-third (1/3) annually on the anniversary date of the grant and will expire in five years if unexercised. This grant is to replace options that expired unexercised on March 5, 2012. 40,000 options with the same terms have also been granted to employees.
As part of the Company's efforts to progress compensation plans which foster high motivation and retention of employees, the Company amended the strike price of 1,238,333 stock options currently outstanding to employees, from a weighted average exercise price of $0.29 to $0.20. These options expire between October 23, 2012 and December 7, 2016, No other terms of these options were amended, and no Directors, Officers, Agents or other persons who are deemed to be Insiders were accorded this benefit.
The Company also authorized a grant of 65,000 stock options to each of Dwayne Kushniruk, Chairman, Ronald Odynski, Director and David Tam, Secretary, to occur on April 12, 2012, to replace options that will have expired unexercised. These options will have an exercise price of $0.20, vest 1/3 annually on the anniversary date of the grant, expire in five years if unexercised, and comply with the Company's compensation plan for Directors and Officers, the terms of the Corporation's stock option plan and the appropriate policies of TSX Venture Exchange.
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company's products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, and .NET, and are distributed in North America and internationally through value-added resellers and a direct sales organization. Serenic Corporation is the exclusive developer of human resource management and payroll products for Microsoft Dynamics NAV ERP users in North America. Serenic is a member of Microsoft's President Club and Inner Circle, the latter being an elite group representing the top 1% of Microsoft partners world-wide. Serenic has offices in Edmonton, Alberta and Denver, Colorado and staff located throughout the USA, Europe and Africa.
ON BEHALF OF THE BOARD OF DIRECTORS
Dwayne Kushniruk, Chairman
Forward Looking Statements
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "anticipate", "believe", "will", and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Serenic Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, software industry risks, general business risks, foreign currency risks, economic dependence risks, and credit risks.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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