EDMONTON, ALBERTA -- (Marketwired) -- 08/28/15 -- Titan Logix Corp. (TSX VENTURE: TLA) ("Titan" or the "Company"), an advanced technology industrial instrumentation and controls company announces the approval of incentive stock options and a reduction in Executive and Directors' Compensation.
Further to the appointment of Charles Buehler to the Company's Board of Directors on June 15, 2015, and consistent with previous director appointments, the Board of Directors approved the grant of incentive stock options for Mr. Buehler to acquire 100,000 common shares which are exercisable over a five year period ending August 26, 2020 at a price of $0.85 per share. All options were granted in accordance with the Company's stock option plan as approved by the shareholders on January 19, 2015.
Mr. Buehler was appointed as a member of the Company's Audit Committee and Chair of the Executive Compensation and Corporate Governance Committee.
As previously reported the decline in the price of oil continues to negatively impact sales of the Company. Titan continues to maintain tight fiscal controls and focus on product and market diversification. Along with reducing discretionary spending Titan has implemented cost cutting measures including management and employee wage rollbacks, employee benefit suspensions and a 20% reduction in the compensation of its Chief Executive Officer, Chief Financial Officer and Board of Directors.
About Titan Logix Corp.
Founded in 1979, Titan Logix Corp. is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company's products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, and communication systems for remote alarming and control. Our products are currently used in the oil and gas, waste fluid collection, chemical and aviation industries. These technologies and their derivatives under development are applicable to a variety of additional markets which Titan plans to expand into at the appropriate time. A common practice in many of these markets is the use of manual methods for measurement and control. Due to safety considerations, the rising cost of many fluids, awareness and concerns about the environment and technological advancements enabling better operational efficiencies, we are experiencing an increased demand for our advanced technology products. We anticipate this demand will continue as we pursue expansion into other markets.
The products we manufacture are part of a complete asset management solution. The full solution consists of our own market leading products integrated with best-in-class third party solutions to enable our customers to benefit from complete fluid management, throughout each stage of their fluid handling processes. This is captured by our slogan "Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office"™.
-- In the Field: "In the Field" refers to Titan's solution offerings for
storage tanks and process vessels.
-- On the Road: "On the Road" refers to Titan's solution offerings for
mobile tanker trucks and trailers.
-- In the Office: "In the Office" refers to Titan's solution offerings that
enable customers to monitor their fluid assets from the convenience of
their dispatch center or other back office environment through a wired
or wireless connection.
Titan Logix Corp. is a public Company listed on the Toronto Venture Stock Exchange and its shares trade under the symbol, TLA.
Neither 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.
This news release contains certain statements with information that may be forward-looking and subject to unknown risks and uncertainties. The actual results, performance and achievements of Titan Logix Corp. may differ materially from the results, performance and achievements expressed or implied by such forward-looking statements. These forward-looking statements may not relate strictly to historical or current facts. They represent management's views as of the date of this press release and we assume no obligation to update them. We caution you not to place undue reliance on these forward-looking statements.
Contacts:
Titan Logix Corp.
Greg McGillis, P.Eng.
President and Chief Executive Officer
(780) 462-4085
invest@titanlogix.com
www.titanlogix.com
