TORONTO, Aug. 27, 2020 /CNW/ - SQI Diagnostics Inc.
("SQI" or the "Company") (TSX-V: SQD) (OTCQB: SQIDF), a life
sciences and diagnostics company that develops and commercializes
proprietary technologies and products for advanced microarray
diagnostics, today announced that effective August 26, 2020, it has granted (the
"Grants") 1,807,797 stock options ("Options") under
the Company' stock option plan, as amended (the "Plan"). The
goal of the grant of the Options is to align the interests of the
Company's employees, officers and directors with those of
shareholders. An aggregate of 510,000 of the Options were granted
to two directors of the Company (one of whom is also an officer of
the Company). The Options were granted at an exercise price of
$0.275.
As previously disclosed by the Company on August 18, 2020 (the "August 18 Press Release"), the Plan was
amended by the board of directors of the Company on August 17, 2020 and, as such, the Plan, and the
Grants, are subject to disinterested shareholder approval and the
approval of the TSXV. The Company intends to seek such shareholder
approval of the Plan and the Grants at its next annual meeting of
shareholders.
The Options have a term of 10 years and vest over a 36-month
period. Following the Grant, and subject to disinterested
shareholder approval and the approval of the TSXV, including such
approvals for the grant of Options to the new CEO of the Company,
Mr. Robert Chioini, as disclosed in
the August 18 Press Release,
43,209,314 common shares ("Shares") in the capital of the
Company will be issuable upon the exercise of the outstanding
Options under the Plan (representing approximately 14.1% of the
issued and outstanding Shares) and 2,689,433 Shares will remain
available for issuance (representing approximately 0.9% of the
issued and outstanding Shares).
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that
develops clinical grade multiplexed microarray and molecular assays
run on its automated instrumentation for the pharmaceutical
research, animal health, and clinical diagnostics markets. SQI
develops custom research and diagnostic assays that are
multiplexed; meaning the simplification, consolidation and
automation of many individual tests into one. This increases sample
throughput, reduces time, cost and chance for human error, and
provides excellent data quality. For more information, please visit
www.sqidiagnostics.com.
Contact:
Chief Financial Officer
Morlan Reddock
416.674.9500 ext. 277
mreddock@sqidiagnostics.com
FORWARD-LOOKING INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable law.
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.
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SOURCE SQI Diagnostics Inc.