Cybersurf Corp Announces Changes in Options and Increased Share Ownership by Employees, Officers and Directors.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--July 16, 1998-- Cybersurf(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CY.) Cybersurf Corp has taken several steps to ensure that its compensation program is fair and that key employees will participate in the growth of the company. Last fall, a total of 75,000 shares were reserved for the exercise of options for three non-management members of our programming staff. The options were priced during a period of high activity in Cybersurf's stock at an exercise price of $.58 and were out of line with options issued to other employees, officers and directors in the past year. Cybersurf has received approval to re-price these options at $.20 A former founding partner has sold 1,250,000 of his escrowed shares Escrowed Shares Shares held in an escrow account and in most cases cannot be traded or transfered until certain circumstances like time horizon have been reached. The use of escrow for holding shares is often done during acquisitions and for performance-based executive incentives. to employees, officers and directors of Cybersurf. These shares are both performance and time escrowed. A corporate partner of Cybersurf has purchased 200,000 additional escrowed shares from the same individual. The Alberta Stock Exchange has approved the information contained herein.
CONTACT: Cybersurf Corp.
William Hammett, http://www.cybersurf.net
http://www.dognet.ca
info@cybersurf.net
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