BioteQ Revises Board Compensation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, announces that the Company's Board has modified the compensation structure for the Board of Directors as part of the corporate strategy to streamline costs and thereby enhance the company's drive to achieve sustained profitability.
Cash compensation relating to annual retainer and meeting fees for non-executive Directors will be reduced by approximately 20%. In addition, the annual grant to non-executive Board members of Deferred Share Units (DSUs) will be converted to the equivalent value of options, to further reduce cash costs to the Company. Options are a non-cash expense to the Company, whereas deferred share units incur a cash cost. These compensation changes are retroactive to January 1, 2012.
With the move to options from DSUs, the Board granted a total of 540,000 options for the 2012 fiscal year to the six independent Board members on April 10, 2012, at an option strike price of $0.19 per share. Options pricing is based on the 5-day volume weighted average price prior to the date the options are granted by the Board. The options expire on April 10, 2017.
George Poling, Chairman of the Board of Directors stated, 'The Board has made these changes to demonstrate our individual and collective commitment to cost reduction measures that will assist in establishing BioteQ as a successful leader in industrial water treatment.'
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company's proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
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Certain information contained herein may not be based on historical fact and therefore constitutes 'forward-looking information' under applicable Canadian securities legislation. This includes without limitation statements containing the words 'plan', 'expect', 'project', 'estimate', 'intend', 'believe', 'anticipate', 'may', 'will' and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company's technologies, competition, technology risk, the Company's ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company's ability to manage growth and other factors described in the Company's filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled 'Risks and Uncertainties' in the Company's Annual Report for the year ended December 31, 2011 and the section entitled 'Risk Factors' in the Company's Annual Information Form for the year ended December 31, 2011). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management's current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.
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