OTTAWA, ONTARIO, March 11, 2013 - Avivagen Inc. (TSXV:VIV), a wellness company committed to developing and delivering products that support and improve the health and quality of life for animals and the people who care for them, today announced pursuant to the requirements of the TSX Venture Exchange, that it has granted options to purchase 8,487,763 common shares to its executive team, including the newly announced President and CEO, employees, members of its board of directors and key consultants. The stock options were granted pursuant to the terms of Avivagen's stock option plan and are exercisable at $0.10 per share. These grants form part of a total remuneration package for the key executives, employees and board members. Avivagen's stock option plan has been amended to permit up to 10% of the issued and outstanding basic shares to be reserved for issuance under the plan. Stock option grants are subject to necessary regulatory approvals.
Mr. Jacques Brault, Chairman of Avivagen said "Avivagen's employee stock option plan had been allocated a number of years ago and the current option pool was at less than 1.5% of the issued and outstanding shares. Had we not amended our plan to an industry standard level of 10%, we would have been unable to recruit key new talent and had challenges in rewarding and retaining key executives and employees. Now that we have recruited a new President and CEO and based on the success of our first commercial product and first international distribution agreement with a reputable and large animal health company, we have the tools to align our team with the interests of shareholders, which is to focus on creating shareholder value."
About Avivagen Inc.
Avivagen Inc. is a publicly-listed life sciences company trading on the TSX Venture Exchange under the ticker "VIV". The Company's goal is to develop and deliver scientifically-proven solutions that can truly benefit companion and food animals by taking advantage of natural mechanisms for maintaining optimal health. Avivagen's targeted markets include Pet Wellness and Livestock Productivity.
The company has sites located in partnership facilities of the National Research Council of Canada (NRC) - in Ottawa (Chemistry) and Charlottetown, Prince Edward Island (Nutriscience).
More information can be found at www.avivagen.com.
Avivagen's proprietary and patent-protected technology enhances the body's own systems to maintain and improve health, particularly by supporting immune function. Avivagen's commercial technology is Fully-Oxidized Beta-Carotene (OxC-beta).
OxC-beta compounds occur naturally in vegetation but in minute amounts. They have been developed to support the health of companion animals and for use in the global food animal market.
Research results indicate OxC-beta helps support immune function, which can result in meaningful overall health improvements. In pets, improvements are seen in overall vitality and energy, skin, coat and gastrointestinal wellness. Food Animal benefits include healthier growth, better utilization of feed and decreased mortality.
The first commercial product launched by Avivagen, Oximunol(TM) Chewables for dogs of all ages, works with a dog's immune system to optimize overall health and well-being.
About Oximunol(TM) Chewables - "Optimized Health in a Chewable Tablet"
Oximunol(TM) is a scientifically formulated chewable tablet that contains Avivagen's proprietary, patented active ingredient OxC-beta. Oximunol(TM) Chewables are currently available for dogs of all ages. The product works with a dog's own immune system to optimize overall health and well-being.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions. The forward-looking statements reflect the current expectations of Avivagen Inc. regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
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.
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