EASTAMPTON, N.J., Feb. 10, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Epicore BioNetworks Inc. (TSX-V:EBN) reports that its Chairman of the Board of Directors, Mr. Philip A.D. Secretan, is stepping down but will continue to serve the Company as a non-executive director. Mr. Secretan has been an enthusiastic supporter of Epicore and served the board well in his seven years as Chairman. During his tenure, the Company saw sales increase 2.8 times, was profitable in every quarter of operation and has grown to become a significant supplier to the world aquaculture industry. Mr. Secretan leaves chairman's position with the Company on solid financial footings, ready to grow its business to the next level and to reward the support of its shareholders.
In his place, the board has appointed Mr. Robert S. Poulton as chairman. Mr. Poulton has been a non-executive director of the Company since May 2011. Mr. Poulton holds an honors degree in applied chemistry from Brighton Polytechnic. His knowledge and experience, particularly in the area of production and quality, has been of great benefit to Epicore as it completed an aggressive infrastructure improvement program, completed an ISO-9001:2008 registration program and has embarked on a Global GAP certification program.
The Board of Directors has approved issuance to non-executive directors of 125,000 options to buy Epicore common shares. The grants follow Company board compensation policy. The options being issued have an exercise price of C$0.28 per share and expire in five years. The 125,000 options granted is equivalent to 0.5% of Epicore's issued common stock. Under the terms of the Epicore Stock Option Plan, which was approved by shareholders at the Company's Annual General and Special Meetings of Shareholders, options may be issued from time to time in any amount up to a maximum of 4,704,246.
Epicore BioNetworks Inc. is a public corporation with a registered office in Calgary, Alberta, Canada and with shares listed on the Canadian Venture Exchange (symbol EBN). [The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.]