EMR Microwave Technology Corporation Press Release.Business Editors FREDERICTON, NEW BRUNSWICK--(BUSINESS WIRE)--Feb. 3, 2000 EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. Microwave Technology Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :EMW EMW Electromagnetic Wave EMW Ericsson Microwave Systems EMW Expeditionary Maneuver Warfare EMW Eisenach Motoren Werke EMW Electromagnetic Warfare EMW Early Morning Wakening (aka terminal insomnia) EMW Engineer Mine Warfare .)(the &uot;Corporation&uot;) announces that the term of the performance escrow agreement Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. dated December 30, 1994 (the &uot;Escrow Agreement&uot;) among the Corporation, CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Mellon Trust Company and various security holders of the Corporation has been extended for a further five years. Under the original terms of the Escrow Agreement, every one escrowed share (&uot;Performance Share&uot;) subject to the Escrow Agreement was to be released from escrow for every $0.20 of cash flow from the operations of the Corporation for a five year period ending December 31, 1999. A total of 5,337,150 Performance Shares are subject to the Escrow Agreement, none of which had been earned out as of December 31, 1999. The amendment to the Escrow Agreement means that the Performance Shares will remain eligible for release based on cash flow of the Corporation until December 31, 2004. This extension is subject to approval by disinterested shareholders which will be obtained at the Corporation's annual general meeting for its fiscal year ended December 31, 1999. EMR Microwave Technology Corporation is a process technology company dedicated to providing applications for the resource industries using proprietary microwave systems. The company's head office, analytical labs, and pilot plant are located in Fredericton, New Brunswick. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has neither approved nor disapproved of the contents of this press release. |
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