VANCOUVER, BC – BioteQ Environmental Technologies Inc. (TSX VENTURE:BQE) (the “Company”) announces that it has allocated additional director incentive stock options to purchase up to an aggregate of 1,200,000 common shares in the capital of the Company at $1.65 per share and additional employee stock options to purchase up to 43,000 additional common shares at a price of $1.65 per share, in large part replacing options recently exercised due to their expiry in April 2006. The options are all exercisable over a period of five years and each of the options vest in three equal amounts every six months over a period of 18 months. The options have been allocated pursuant to a new 10% rolling stock option plan which was approved by the Company’s shareholders at its annual and special general meeting held on May 1, 2006. Pursuant to the new stock option plan, the Company may grant stock options to purchase up to an aggregate of 10% of the Company’s issued and outstanding share capital from time to time provided that each of the options may not be granted to any one person in any 12 month period which will, when exercised, exceed 5% of the issued and outstanding shares of the Company. Nor may the Company grant options to any one consultant in any 12 month period which will, when exercised, exceed 2% of the issued and outstanding shares of the Company or grant options to parties providing investor relation services, in any 12 month period which will, when exercised, in the aggregate exceed 2% of the issued and outstanding shares of the Company. Options may be awarded for a period of up to 5 years, are non-assignable and automatically terminate within 30 days of a director ceasing to be a director of the Company or an employee ceasing to remain employed with the Company. The exercise price of options allocated pursuant to the new stock option plan is not to be less than the closing price of the Company’s shares on the TSX Venture Exchange on the day prior to the date they awarded less any discount in exercise price as permitted by the policies of the TSX Venture Exchange.
The foregoing options are subject to the stock option plan being accepted for filing by the TSX Venture Exchange. The new rolling stock option plan replaces the Company’s current fixed share stock option plan (pursuant to which the number of options which may be granted at any one time is fixed until otherwise increased by approval of the Company’s shareholders), save and except for options which are currently outstanding and which will continue to be governed by the Company’s fixed share stock option plan until they are exercised or otherwise terminated.
BioteQ is establishing itself as a leader in the treatment of contaminated water through the use of its patented BioSulphide® Process and related sulphide based technologies. Focused on the mining industry, BioteQ has partnered with leading metal producers including Phelps Dodge, Breakwater, INCO and Falconbridge as well as utilities operator EPCOR Water Services, to finance, design, build and operate mine site water treatment plants which recover saleable metals in addition to meeting ever stricter environmental regulations.
On behalf of the Board of Directors
Brad Marchant, President & CEO