T-Ray Science Reorganizes
VANCOUVER, British Columbia, Aug. 25, 2010 — Medical device company T-Ray Science Inc. announced it has adopted a plan of reorganization to consolidate management and administration, resulting in a net savings of approximately $500,000 in cash expenditures over the next 12 months.
The reorganization will result in net savings from cash expenditures on general and administrative expenses, as well as the cancellation of 590,625 unvested options.
In addition, the role of the chief financial officer will be consolidated with the vice president of administration, which will be fulfilled by Anna Trinh, the current VP of administration. Thomas Braun, the current CEO, will step in as chief business development officer. The VP of product development position will be outsourced to consultants as needed.
T-Ray has also accepted the resignation of Ralph Braun, a member of the board of directors.
In connection with the consolidation, the company has granted 125,000 stock options at an exercise price of $0.25 per share, and 125,000 stock options at an exercise price of $0.30 per share to Trinh. With a five-year term, the options have vesting restrictions.
In addition, there are 6,617,469 shares reserved for issuance under the company’s stock option plan, and approximately 2,240,625 options currently outstanding.
For more information, visit: www.t-rayscience.com
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