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Calgary, Alberta TheNewswire - April 24, 2023. Ocumetics Technology Corp. (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) (the " Corporation " or " Ocumetics ") announces that Dr. Mark Lee has tendered his resignation as the Corporation's President and Chief Executive Officer to take effect June 30, 2023. Dr. Lee will continue as the Corporation's President and Chief Executive Officer until June 30, 2023 as the Corporation seeks to hire a new President and Chief Executive Officer. Dr. Lee has agreed to consult with the Corporation for a period up to one year after his departure on an as needed basis to assist in a smooth transition.
"On behalf of the Ocumetics board of directors, I would like to thank Mark for his contributions to Ocumetics," said Dr. Garth Webb, Ocumetics' Founder and Chairman of the Board. "We would not be where we are today without him. We wish him well in his future endeavors."
In connection with Dr. Lee's resignation, subject to the approval of the TSX Venture Exchange, the Corporation has agreed to pay Providential Holdings Inc., a corporation controlled by Dr. Lee, the amount of $300,000.00 payable in Common Shares of the Corporation, at a deemed price of $0.34 per share for a total of 882,353 Common Shares.
The Corporation has also agreed to pay A Fresh Approach Inc. ("AFA"), a corporation controlled by Roger Jewett, the Chief Financial Officer of the Corporation, the amount of $284,000.00 payable in Common Shares of the Corporation, at a deemed price of $0.34 per share for a total of 835,294 Common Shares, as a retention bonus and in exchange for AFA's agreement to waive any future severance to which it may be entitled. Mr. Jewett will remain the Chief Financial Officer of the Corporation. This share issuance is also subject to the approval of the TSX Venture Exchange.
The Corporation announces that it has issued 541,317 incentive stock options to Sandi Gilbert, a director of the Corporation. Each option entitles the holder to purchase one common share in the capital of the Corporation at an exercise price per common share of $0.34 for a period of two years, vesting immediately. The stock options are not transferrable. The common shares issued upon exercise of the stock options will be subject to a four-month resale restriction from the date of grant. The options replace the 541,317 incentive stock options that were issued to Ms. Gilbert in November 2021, which have been cancelled with the consent of Ms. Gilbert.
In recognition of the significant progress made to date, as evidenced by the recently announced design lockdown, the Corporation has agreed that all outstanding stock options of the Corporation shall be immediately vested.
Related Party Transactions
Mark Lee is the President and CEO of the Corporation and Roger Jewett is the Chief Financial Officer of the Corporation. The issuance of shares to them referred to above, if approved by the TSX Venture Exchange, would therefore constitute "Related Party Transactions" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation relied upon the exemptions from the minority shareholder approval and valuation requirements set out in Sections 5.7(1)(a) and 5.5(a), respectively, of MI 61-101. The proposed share issuances were unanimously approved by the directors of the Corporation by resolution.
About Ocumetics
Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) is a Canadian research and development company that specializes in adaptive intraocular lens designs. Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. Ocumetics has developed an expandable intraocular lens that fits within the capsular bag following extracapsular cataract extraction. It is designed to allow the eyes natural muscle activity to shift focus from distance to near, potentially to eliminate the need for corrective lenses.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dayton Marks
Director
(778) 347-2500
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
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