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Kure Technologies Inc V.KUR.H

Alternate Symbol(s):  UBSBF

Kure Technologies, Inc. is a Canada-based company. The Company has no business activity. The Company's subsidiary is UBS Wireless Services Inc.


TSXV:KUR.H - Post by User

Bullboard Posts
Post by ice148on Oct 19, 2002 6:17am
216 Views
Post# 5517908

Dolgonos.....re: Annual report

Dolgonos.....re: Annual reportEnjoy.....pg 21 of financial statements... 21 (b) Alex Dolgonos, former President and CEO: In July 2001, Mr. Dolgonos resigned from his position as President and CEO of the Company. The Company paid him a severance of $1,650,000 relating to his resignation. Subsequent to his resignation, Mr. Dolgonos received consulting fees of $114,443 during the year ended May 31, 2002. Medical benefit costs were incurred by the Company related to Mr. Dolgonos who was a participant in a Company medical plan, in the amount of $174,707 (2001 - $387,000). During fiscal 2001, Mr. Dolgonos received a bonus of 326,923 common shares of the Company at $0.26 per share Subsequent to year end, the Company entered into a consulting agreement with Mr. Dolgonos for an initial term of five years, under which he will receive U.S. $300,000 per annum, subject to annual review by the Board of Directors. At the discretion of the Board of Directors, an annual bonus may also be awarded to Mr. Dolgonos. In addition, this agreement contemplates a grant of 2,000,000 stock options with an exercise price of $0.48. On the date of grant, the quoted market price of the Company's common shares was $0.20. The first 1,000,000 stock options vest at the time the Company's common share price reaches $0.60 and the second 1,000,000 stock options vest at the time the Company's share price reaches $0.72. These options are exercisable in the period commencing on the initial vesting date and ending on the earlier of (a) the fifth anniversary from the initial vesting date and (b) October 2012. In addition, this agreement contemplates that the Company will grant Mr. Dolgonos an additional 1,000,000 stock options on each of March 18, 2003 and March 18, 2004. The exercise price for these stock options will be set at the market price at the date of grant and these options will vest in one-third increments, on the first three anniversary dates following the grant dates. These additional stock options will be exercisable during the period commencing on the vesting date and ending on the fifth anniversary of the grant date. UNIQUE BROADBAND SYSTEMS, INC. Notes to Consolidated Financial Statements (continued) Years ended May 31, 2002 and 2001 18. Related party transactions (continued): In July 2001, an individual related to Mr. Dolgonos exercised 273,008 stock options for the Company's common shares for aggregate proceeds of $90,228. In September 2001, the Company's subsidiary in Russia was sold to a partnership in which Mr. Dolgonos is a partner. A loss on the sale of the subsidiary totalling $579,297 was incurred by the Company, which has been included in reorganization costs. During the year, the Company sold products totalling $242,511(2001 - nil) to a company in which Mr. Dolgonos is a partner. At May 31, 2002, an amount of $7,033 was receivable from this company, which was subsequently collected.
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