Thermal Energy announces issuance of stock options
OTTAWA, ON, Nov. 23, 2012 /CNW/ - Thermal Energy International Inc, (TSX-V: TMG) (www.thermalenergy.com) (the "Company") today announced that it has granted 2,370,000 options to purchase common shares of the Company to officers of the Company, and 500,000 options to purchase common shares of the Company to directors of the Company.
The stock options were granted pursuant to the terms of the Company's stock option plan, are exercisable at $0.10 per share and have a five year term. One third of the options will vest with the optionee on each of November 22, 2013, 2014 and 2015.
The grants to officers were made in recognition of the contribution the officers made to the Company's performance during the fiscal year ending May 31, 2012. The grants to directors represent an initial grant of options following a director's appointment to the board of the Company during the recent annual meeting of shareholders.
Stock option grants are subject to necessary regulatory approvals.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an innovative cleantech company providing a variety of proprietary and proven energy efficiency, emission reduction, water efficiency, and bioenergy products and solutions to the industrial, commercial and institutional markets worldwide. Thermal Energy is also a fully accredited professional engineering firm, and can offer advanced process and applications engineering services. By providing a unique mix of proprietary products together with process, energy, environmental, and financial expertise Thermal Energy is able to deliver significant financial and environmental benefits to our customers.
Thermal Energy's products include; GEM® - Steam traps and condensate return systems, FLU- ACE® - Direct contact condensing heat recovery, and Dry RexTM - Low temperature biomass drying systems. These award winning products are effective in a wide variety of industries and application and have an excellent track record of longevity, proven reliability and performance providing significant energy savings, reduced GHG emissions, improved water efficiency, lower maintenance costs, improved product quality and increased production efficiency.
Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, UK, and China. To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
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.
SOURCE: Thermal Energy International Inc.
Contact:
William Crossland
Thermal Energy International Inc.
(613) 723-6776
[email protected]
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