18 August 2014

POET announces results of annual meeting

POET Technologies Inc of Toronto, Canada – which, through subsidiary OPEL Defense Integrated Systems (ODIS Inc) of Storrs, CT, USA, has developed the proprietary planar-optoelectronic technology (POET) platform for monolithic fabrication of integrated III-V-based electronic and optical devices on a single semiconductor wafer – has announced the results of its Annual General & Special Meeting (AGSM) held on 12 August.

Shareholders approved all matters presented to the meeting, including the 2014 Stock Option Plan, the By-Law No. 1 amendment, the possible Share Consolidation, the Shareholders’ Rights Plan and the election of the following nominees to the board of directors (as proposed in the Information Circular): Peter Copetti, Adam Chowaniec, Sheldon Inwentash, Ajit Manocha, John F. O’Donnell, Dr Samuel Peralta, Dr Geoff Taylor, and Chris Tsiofas. All directors received the required majority vote from shareholders. Shareholders also approved the re-appointment of Marcum LLP of Hartford, Connecticut as auditors for the ensuing year.

Shareholders were presented with updates by Peter Copetti, Geoff Taylor, and Ajit Manocha, Stephane Gagnon and Lee Shepherd on the status of the firm and progress of the POET technology. Each reinforced that the core component of the firm’s strategy going forward is to continue to develop the POET platform.

In a subsequent meeting of directors following the AGSM, the following executive officers were re-appointed for the ensuing year:

• Peter Copetti, executive chairman & interim CEO;
• Ajit Manocha, vice-chairman of the board;
• Leon M. Pierhal, president;
• Kevin Barnes, treasurer & chief financial officer;
• Stephane Gagnon, senior VP of operations;
• Lee Shepherd, VP of technology;
• Michel Lafrance, corporate secretary; and
• Blaine Grisel, controller.

Daniel DeSimone, who has been senior VP, product Ddvelopment of the ODIS division since April, was also appointed chief technology officer. “Dan brings to POET a diverse background of circuit/product design and technology development experience from Fairchild Semiconductor and Tundra Semiconductor,” comments chief scientist Dr Geoff Taylor. “These skills are expected to be instrumental in developing the electronic component of the POET platform.”

Leon Pierhal, who did not stand for re-election as a director, will continue as president until 30 September. Afterwards, he will remain as a consultant on an as-needed basis in order to provide information and advice regarding any legacy issues that may arise from time to time. His options will remain in place for 12 months.

At the board meeting, incentive stock options were granted under the stock option plan to certain directors, officers, key consultants and employees of the firm to purchase up to an aggregate of 3,940,000 common shares, representing 2.41% of the firm’s outstanding shares.

Of these options, 4.8% were granted to key employees who are technical staff related to the POET effort, 14.0% to the company’s officers, 64.0% to the non-officer directors, and 17.8% to directors who are also officers. The stock options are exercisable at a price of CA$1.24 per share expiring 12 August 2019. Pursuant to the TSX Venture Exchange policies, the exercise price was fixed by the closing market price of 11 August. The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter.

The options were granted subject to provisions of the firm’s stock option plan (approved by shareholders on 12 August) and are subject to the TSX Venture Exchange policies and applicable securities laws. There are currently 163,773,384 shares issued and outstanding and 26,307,750 stock options outstanding.

See related items:

POET appoints Ajit Manocha as executive vice chairman

POET announces executive changes plus restructured University of Connecticut license agreement

Tags: POET

Visit: www.poet-technologies.com