OTTAWA, ON, Nov. 23, 2012 /CNW/ - Thermal Energy International Inc,
(TSX-V: TMG) (www.thermalenergy.com) (the "Company") today announced that it has granted 2,370,000 options
to purchase common shares of the Company to officers of the Company,
and 500,000 options to purchase common shares of the Company to
directors of the Company.
The stock options were granted pursuant to the terms of the Company's
stock option plan, are exercisable at $0.10 per share and have a five
year term. One third of the options will vest with the optionee on
each of November 22, 2013, 2014 and 2015.
The grants to officers were made in recognition of the contribution the
officers made to the Company's performance during the fiscal year
ending May 31, 2012. The grants to directors represent an initial grant
of options following a director's appointment to the board of the
Company during the recent annual meeting of shareholders.
Stock option grants are subject to necessary regulatory approvals.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an innovative cleantech company
providing a variety of proprietary and proven energy efficiency,
emission reduction, water efficiency, and bioenergy products and
solutions to the industrial, commercial and institutional markets
worldwide. Thermal Energy is also a fully accredited professional
engineering firm, and can offer advanced process and applications
engineering services. By providing a unique mix of proprietary products
together with process, energy, environmental, and financial expertise
Thermal Energy is able to deliver significant financial and
environmental benefits to our customers.
Thermal Energy's products include; GEM® - Steam traps and condensate return systems, FLU- ACE® - Direct contact condensing heat recovery, and Dry RexTM - Low temperature biomass drying systems. These award winning products
are effective in a wide variety of industries and application and have
an excellent track record of longevity, proven reliability and
performance providing significant energy savings, reduced GHG
emissions, improved water efficiency, lower maintenance costs, improved
product quality and increased production efficiency.
Thermal Energy International Inc. has offices in Ottawa, Canada as well
as Bristol, UK, and China. To find out more about Thermal Energy
International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
To find out more about Thermal Energy International Inc. (TSX-V: TMG),
visit our website at http://www.thermalenergy.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Thermal Energy International Inc.