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APV

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Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
TSXV:APV TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Apivio Announces Changes to Stock Option Compensation

27/05/2014 2:00pm

Marketwired Canada


Apivio Systems Inc. (formerly Moimstone Corporation) ("Apivio" or the "Company")
(TSX VENTURE:APV) announces that its Board of Directors, subject to
disinterested shareholder approval, has approved the re-pricing of a total of
3,716,125 outstanding options to purchase common shares (the "Options"). Apivio
approved a reduction in the exercise price of 3,450,625 Options from $0.75 to
$0.44 and the remaining Options have had their exercise price adjusted
proportionately. 


The re-pricing of the Options has been approved by the TSX Venture Exchange
("TSX-V") and disinterested shareholder approval will be sought at the Company's
upcoming Annual General Meeting to be held on June 27, 2014. The re-pricing of
the Options is subject to the approval of a simple majority of the Company's
shareholders excluding votes attached to shares beneficially owned by the
persons that hold or will hold the Options and associates of such persons. Prior
to the Company's receipt of disinterested shareholder approval, none of the
Options may be exercised at the revised price.


Apivio's board of directors has also recently approved an amended stock option
plan to, among other things, increase the maximum total number of options
exercisable into common shares available for grant by, as of the date hereof,
2,135,970 or approximately 5% of Apivio's issued and outstanding common shares
as at March 31, 2014. The amendments to the stock option plan remain subject to
the approval of Apivio's shareholders at the next annual general meeting and to
the approval of the TSX-V. 


Apivio also announces that today its board of directors granted a total of
1,342,985 stock options to Apivio directors (the "Conditional Options"). The
Conditional Options have an exercise price of $0.44, the equivalent to Apivio's
closing market price of $0.44 on May 23, 2014. The Conditional Options will vest
as follows: (i) 66,667 immediately on the date of the grant; (ii) 447,663 on
December 31, 2014; (iii) 447,662 on December 31, 2015; and 380,993 on December
31, 2016. Of the Conditional Options, 787,169 stock options have been drawn from
the increased option pool created as a result of the stock option plan
amendments and as such, remain subject to Apivio receiving shareholder and TSX-V
approval prior to their exercise. 


About Apivio Systems

Apivio Systems Inc. is a Canadian technology company principally engaged in the
design, development, marketing, and sale of communications equipment and
software. It has a wholly-owned Korean subsidiary with nine year history of
supplying VoIP telephone equipment and other products to major Korean and
international telecommunications carriers. For more information regarding the
Company, please refer to its respective public filings available at
www.sedar.com.


This press release has been prepared by Apivio Systems Inc. Neither the TSX
Venture Exchange nor its Regulation Service Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.


Forward-Looking Statements

Statements contained in this news release that are not historical facts are
"forward-looking information" or "forward-looking statements" (collectively,
"Forward-Looking Information") within the meaning of applicable Canadian
securities legislation. Forward Looking Information includes, but is not limited
to, disclosure regarding possible events, anticipated shareholder approval,
conditions or financial performance that is based on assumptions about future
economic conditions and courses of action. In certain cases, Forward-Looking
Information can be identified by the use of words and phrases such as "plans",
"expects" or "does not expect", "is expected", budget", "scheduled", "suggest",
"optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or
"does not anticipate", believes", "anomalous" or variations of such words and
phrases or statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking
Information involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the Forward-Looking Information. Although Apivio has attempted to
identify important factors that could affect Apivio and may cause actual
actions, events or results to differ materially from those described in
Forward-Looking Information, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be
no assurance that Forward-Looking Information will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
Forward-Looking Information. Except as required by law, Apivio does not assume
any obligation to release publicly any revisions to Forward-Looking Information
contained in this news release to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rob Bakshi
President and Chief Executive Officer
info@moimstone.com
604-244-3700
www.moimstone.com

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