CALGARY, ALBERTA--(Marketwired - June 4, 2013) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) ("Sustainable Energy " or "the Company") has reduced the exercise price of 1,449,372 previously granted incentive stock options under the Company's Stock Option Plan held by employees and officer and directors of the Company to an exercise price of $0.30 per common share. The option expiry date will not change.
To incentivize management to drive the Company to profitability an amendment has been made to agreements to provide for acceleration of the date for exercise of the option to the last day of first month following two consecutive quarters of positive earnings before interest depreciation and taxes.
The Company has also issued a total of 1,151,647 new incentive stock options to officers, directors and employees exercisable at a price of $0.40 with an expiry date of May 31, 2023. The stock options shall only be exercisable following two consecutive quarters of positive earnings before interest depreciation and taxes, or if the Company is acquired within the next 24 months.
The purpose of re-pricing previously granted options and granting new incentive options is to provide an incentive to the directors, officers, employees, and consultants to continue their involvement with the Company and to increase their efforts on the Company's behalf that is more closely aligned with the interests of the Company's shareholders by allowing them an opportunity to participate in the growth in value of the Company.
The re-pricing of options is subject to approval of the TSX Venture Exchange plus the re-pricing of options held by officers and directors is subject to disinterested shareholder approval. The options held by officers and directors cannot be exercised until disinterested shareholders have approved the re-pricing. Accordingly, disinterested shareholders will be asked to approve the re-pricing of options for officers and directors at the next Annual General Meeting of the Shareholders at which time the Company will submit a revised Stock Option Plan for approval by all shareholders
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi- directional power conversion efficiencies for grid tied energy storage and fuel cells
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning the impact of Sustainables' technology on solar PV system performance; statements concerning market outlooks; and statements concerning the potential for sales revenues. While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Companies' actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Companies do not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the 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.
Contact Information:
Michael Carten
Chief Executive Officer
403.508.7177 #111
Michael.Carten@sustainableenergy.com