Science & Technology
Science and Technology
Science and Technology
Tue, April 3, 2012
Mon, April 2, 2012 Sustainable Energy Grants Stock Options to Key Employees and Officers
April 02, 2012 17:41 ET
Sustainable Energy Grants Stock Options to Key Employees and Officers
TORONTO, ONTARIO--(Marketwire - April 2, 2012) - Sustainable Energy Technology Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the Company) has granted stock options under its Stock Option Plan to certain officers and key employees exercisable at $0.10 per share.
The Company granted options to acquire 1,000,000 common shares to Brent Harris the Chief Technical Officer of the Company. Mr Harris was responsible for the development and launch of the Company's PARALEX inverter which was recently awarded the 2012 New Product Innovation Award by a prestigious US based industrial research firm. Reporting reliability at 99.7% and efficiencies of 97% the same product platform supports applications for solar PV, advanced energy storage and fuel cells.
The Company granted options to acquire 2,000,000 common shares to Justin Holland the Chief Operating Officer of the Company. Mr Holland was responsible for restructuring supply chain and operations over the past year cutting operating cost by more than 50%.
The Company also granted an additional 1,550,000 options to other employees of the Company. The total options granted to employees and officers is currently 16,293,724 representing approximately 8% of total issued and outstanding common share capital as of the date hereof.
About Sustainable Energy:
Sustainable Energy ([ www.SustainableEnergy.com ]) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the impact of our technology on solar PV system and energy storage performance. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof.
Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at [ www.sedar.com ] The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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.
