LOREX Technology Inc. (TSX: LOX) ("LOREX"), a global developer of digital video and security surveillance products, today announced a proposed exempt distribution of 1,425,000 common shares at $0.88 per share to Henry Schnurbach, the Chief Executive Officer of the Company, for a total subscription price of $1,254,000. The share transaction is subject to regulatory approval and a four-month hold period.
The Board of Directors of LOREX has granted to Mr. Schnurbach an option to purchase up to 1,000,000 common shares of the Company at $0.98 per share under the Company's Stock Option Plan. 200,000 shares vest on April 1, 2007; and thereafter the balance, namely 800,000 shares, vest over a 48-month period on the last day of each month at the rate of 16,666 shares per month for the first 47 months and 16,698 shares for the 48th month.
The Company has offered to make the exempt distribution of the shares and granted the stock options pursuant to the terms of its employment contract with Mr. Schnurbach.
About LOREX Technology Inc.:
LOREX Technology Inc. (TSX: LOX) is a leading video security solutions developer, manufacturer and marketer. The Company's wired and wireless products and internet video monitoring solutions are purchased by businesses, retail consumers and commercial installers.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
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For further information: LOREX Technology Inc., 300 Alden Road, Markham, Ontario, L3R 4C1, www.lorextechnology.com