Press Releases 2003
Pethealth Inc. Grants Stock Options
OAKVILLE, ON, August 18, 2003. Pethealth Inc. ("Pethealth" or "the Company") (TSX Venture Exchange Tier 1: PTZ) today announced grants of stock options to certain directors of the Company under the Employee Stock Option Plan previously approved by the TSX Venture Exchange in December 2000. The Board of Directors of Pethealth, at their regularly scheduled meeting, granted such directors of the Company an aggregate of 2,075,000 at an exercise price of $0.20. In accordance with the Company's Employee Stock Option Plan, the options have a term of 10 years with 1,000,000 vesting over 5 years and 1,075,000 vesting over 3 years.
Founded in February 1998, Pethealth is Canada's number one provider of pet insurance and is number two in North America, currently offering its PetCare pet insurance programs in 10 provinces, 45 states and Washington, D.C. Pethealth offers its pet insurance programs under a variety of names, including QuickCare, the PetCare Pet Insurance Programs, Union Plus Pet Insurance, and betterpethealth. In the United States, the PetCare Pet Insurance Programs are underwritten by Lincoln General Insurance Company, York, PA, through Avalon Risk Management Inc. In Canada, the Company's pet insurance is offered to owners of dogs and cats through its wholly owned subsidiary, PetCare Insurance Brokers Ltd. ING Insurance Company of Canada, a member of the ING Group, and Kingsway General Insurance Company underwrite PetCare products in Canada. The PetCare programs also carry the exclusive endorsements of a number of industry leaders, including veterinary medical associations representing approximately four out of five practicing veterinarians in Canada. In addition, Pethealth, through its wholly owned subsidiaries Pethealth Services Inc. and Pethealth Services (USA) Inc., sells and distributes Allflex pet microchip supplies to the companion animal market in North America and operates the related pet recovery registry under the trade name 24PetWatch. Pethealth is based in Oakville, Ontario. Institutional investors include Dynamic Mutual Funds, through its Dynamic Venture Opportunities Fund.
Statements contained in this news release, if not historical, are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the results described in forward-looking statements.
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