Isee3d Inc. Concludes Shares for Debt Settlement with its Principal Creditors and Cancels Stock Options10 July 2006
ISee3D Inc. (the "Company")(TSX VENTURE: ICG.H). is pleased to announce that the TSX Exchange has accepted for filing the Company's proposal to issue shares to settle outstanding debt for $152,250 in exchange for 1,522,500 common shares of the Company. This settlement, which involves satisfying debt owed to certain of the Company's principal creditors closed May 5, 2006. Any shares issued pursuant to the debt settlement will be subject to a hold period expiring four months from the date of issuance.
The Company also announces today that it has cancelled 3,900,000 stock options, being the aggregate number of options granted to those directors, officers and consultants who assisted the Company in the proposed, but subsequently cancelled, RTO of Multiforce Technologies Inc. (previously announced on January 12, 2006). In addition, the Company has extended the expiry dates for an aggregate of 2,125,000 options which were set to expire in July, 2006. Pursuant to this extension, these options will now expire in July, 2011.
"We are excited and pleased that the Company has now positioned itself as a quality RTO target and we can now focus on building shareholder value", stated Morden C. Lazarus, Chairman and CEO of the Company.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS INFORMATION AND HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
Contacts:Group Intercapital Consultants Inc.Maurice Loverso(514) 286-0909
SOURCE: ISee3D Inc.
Source: marketwire
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