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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