Enablence Technologies Inc. Adds Derek J. Burney to Its Board of Directors and Announces Grant of Stock Options to Officer and Employee
Fremont, California and Ottawa, Ontario--(Newsfile Corp. - September 2, 2022) - Enablence Technologies Inc. (TSXV: ENA) ("Enablence" or the "Company"), a supplier of optical components and subsystems, is pleased to announce the addition of Mr. Derek J. Burney to its Board of Directors, effective September 1, 2022 subject to the approval of the TSX Venture Exchange.
Mr. Burney brings a wealth of knowledge and experience to Enablence. Mr. Burney was Corporate Vice President at Microsoft. Mr. Burney joined Microsoft in 2004 as GM of FrontPage and has held a variety of senior development leadership roles, overseeing the development and release of several Microsoft products including Excel 2013, Access 2013, and Windows SharePoint Services. Prior to joining Microsoft, Burney was president and CEO of Corel Corporation from 2000 to 2004, overseeing the development of all the company's software products. Mr. Burney is an advisor to the general partner of Vortex ENA LP, a senior secured lender and related party to the Company.
Grant of Stock Options:
The Company also announces that it has granted a total of 300,000 stock options to purchase common shares of the Company to certain officers and employees pursuant to the Company's Omnibus Equity Incentive Plan. Of the options granted, (i) 200,000 have an exercise price of $1.50 per common share of which 100,000 vest immediately and 100,000 vest upon the attainment of certain performance targets; and (ii) 100.000 have an exercise price of $1.85 per common share of which 25,000 vest immediately and 25,000 vest on each of the next three anniversaries of the date of grant. 200,000 options expire on July 18, 2025 and 100,000 options expire on August 25, 2032.
About Enablence Technologies Inc.
Enablence is a publicly traded company listed on the TSX Venture Exchange (TSXV: ENA) that designs, manufactures and sells optical components, primarily in the form of planar lightwave circuits (PLC), on silicon-based chips. Enablence products serve a global customer base, primarily focused today on data centre and other rapidly-growing end markets. Enablence also works with customers that have emerging market uses for its technology, including medical devices, automotive LiDAR and virtual and augmented reality headsets. In select strategic circumstances, the Company also uses its proprietary, non-captive fabrication plant in Fremont, California to manufacture chips designed by third party customers.
For more information, visit: www.enablence.com.
This news release contains forward-looking statements regarding the Company based on current expectations and assumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In particular, this news release contains forward-looking statements pertaining to improving manufacturing processes and sales of product, and approval of the appointment of the Director by the TSX Venture Exchange. By their nature, forward-looking statements require us to make assumptions. Assumptions are based in part on the ability to secure regulatory approval. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks relating to the Company failing to obtain the requisite regulatory (including the TSX Venture Exchange) approvals and the terms as described hereof may be amended following the date hereof. Although the Company believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. We caution our readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other factors that could affect the Company's operations are set forth in the Company's continuous disclosure documents that can be found on SEDAR (www.sedar.com) under Enablence's issuer profile. Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For more information contact:
T. Paul Rowland, CFO
Enablence Technologies Inc.
Todd Haugen, CEO
Enablence Technologies Inc.
Ali Mahdavi, Capital Markets & Investor Relations
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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