News - a nice gesture
Audiotech cancels 425,000 escrow shares
2006-01-26 15:18 ET - News Release
Mr. Grant Robertson reports
Audiotech Healthcare Corp. has cancelled 425,000 common shares subject to a performance escrow agreement dated March 31, 1998, between Audiotech and two founding shareholders (company president Osvaldo (Ozzie) Iadarola and his wife, and former director, Darlene Iadarola), effective Jan. 24, 2005. Audiotech has been advised by the two shareholders that they do not intend to file for an extension to the original escrow agreement or to otherwise pursue the release of these shares from escrow despite the fact that all performance conditions related to the original escrow agreement were satisfied as required.
Commenting on the share cancellation, Mr. Iadarola stated: "Our investors have been patient with us as we have built the necessary financial foundation to continue Audiotech's growth on a profitable basis. Rather than expending personal and business time and resources on obtaining the release of these shares from escrow, we decided that we would allow the shares to simply expire under the escrow agreement thereby providing all shareholders with a small increase in the underlying value of their Audiotech shares."
As a result of the cancellation of the escrow shares, the company's current total number of issued and outstanding common shares has been reduced to 13,229,825.
We seek Safe Harbor.