|By Marketwired .||
|April 4, 2014 11:40 AM EDT||
TORONTO, ONTARIO and STORRS, CONNECTICUT -- (Marketwired) -- 04/04/14 -- This document corrects and replaces the one that was sent at 8:36 AM ET. There was a typographical error in the TSX Venture symbol. The complete and corrected version follows.
POET Technologies Inc. (TSX VENTURE: PTK)(OTCQX: POETF) ("POET" or "the Company"), make the following announcements.
Annual General Meeting
The Company announces that the Board of Directors met on April 3, 2014 and scheduled its Annual General Meeting ("AGM") for Tuesday, August 12, 2014 in Storrs, Connecticut. The Company anticipates that Proxy Material will be mailed to Shareholders by mid-July.
The AGM is being held at Storrs to allow shareholders to visit the lab facilities and be provided an updated overview of the ODIS facility, including any new advances achieved through the installation of new equipment, including the upgraded molecular beam epitaxy (MBE) facility. The overview will further reinforce the Company's drive to commercialize the POET platform, and we welcome the opportunity to showcase these developments to shareholders. Further details of the AGM will be announced as they become available.
As previously announced, Mr. Daniel DeSimone, joined the staff at the POET laboratories as Senior Vice President, Product Development of ODIS Inc. The Board of Directors approved the grant of 200,000 stock options pursuant to the Company's stock option plan. The stock options are exercisable at a price of CA$1.44 per share expiring April 3, 2019. Pursuant to the TSX Venture Exchange policies, the exercise price was fixed by the closing market price of April 2, 2013. The options will vest and be exercisable on the basis of 25% in 90 days and 25% every six months thereafter.
Deferral of Board Fees Increase and Options
In addition with the above options grant, and in accordance with its Corporate Governance and Compensation Charters, the Board considered the compensation framework of its members. Despite various indicators - an increase in Director workload due to regulatory requirements, and industry increases in Directors' fees as documented by the National Association of Corporate Directors of between 4 and 13% - the Board has again deferred an increase in Directors' fees and deferred options grants for the Board.
Peter Copetti, Executive Chairman and interim CEO, noted "This Board has added, and continues to add, great value to the Company. Their commitment to POET shareholders, and to the POET technology and vision, is steadfast and their actions over the last two years have proven so. I thank them all personally for their time and energy."
About POET Technologies Inc.
POET Technologies is the developer of the POET platform for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single semiconductor wafer. With head office in Toronto, Ontario, Canada, and operations in Storrs, CT, the Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory. The Company has several issued and pending patents for the POET process, with potential high speed and power-efficient applications in devices such as servers, tablet computers and smartphones. The Company's common shares trade on the TSX Venture Exchange under the symbol "PTK" and on the OTCQX under the symbol "POETF". For more information please visit our websites at www.poet-technologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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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