ENTREC Grants Restricted Shares
October 5, 2012
Spruce Grove, Alberta, Canada – ENTREC Corporation (the “Corporation” or “ENTREC”) advises that it has granted 747,000 restricted shares (the “Restricted Shares”) to its employees, pursuant to the terms of ENTREC’s Restricted Share Plan. The Restricted Shares vest at 20% per year over 5 years commencing October 1, 2013 and are due to expire on October 1, 2022. None of the Restricted Shares were granted to directors and officers of the Corporation.
“We are firm believers that employee ownership is critical to our overall success,” comments Rod Marlin, ENTREC’s Chairman and CEO. “We differentiate ourselves from other companies in our industry by allowing our key employees to become owners. Employee ownership provides employees with a vested interest in ENTREC’s future and allows them to fully participate in the benefits of our success.”
Under ENTREC’s Restricted Share Plan, key employees and other key personnel are granted the right to receive an allotted number of common shares from treasury at a deemed value equal to the market price of ENTREC’s common shares on the grant date. The Restricted Shares typically vest to the Employee 20% per year over five years.
To date, ENTREC has granted 2,106,000 Restricted Shares to its employees including 102,500 Restricted Shares to directors and officers of the Corporation, pursuant to the terms of ENTREC’s Restricted Share Plan (2.56% of the current issued and outstanding shares). A total of 466,500, 56,000, 15,000, 22,000, 699,500 and 100,000 Restricted Shares were granted in each of September 2011, November 2011, December 2011, January 2012, April 2012 and June 2012, respectively. All Restricted Shares expire ten years from the date of grant.
Further details regarding the Restricted Share Plan can be found in the information circular of the Corporation dated April 10, 2012 which can be found at www.sedar.com.
ENTREC specializes in the lifting, transportation (over the road and on-site), loading, off-loading and setting of overweight and oversized cargo for the oil and gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".
For further information, please contact:
Rod Marlin – Chairman & CEO
Telephone: (780) 960-5647
John M. Stevens – President & COO
Telephone: (780) 960-5625
Jason Vandenberg – CFO
Telephone: (780) 960-5630
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.