CALGARY, ALBERTA--(Marketwire - April 8, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") is pleased to announce that Bob Herdman, FCA, has joined the board of directors of the Company as of April 5th, 2011. Mr. Herdman is a former senior audit partner with PricewaterhouseCoopers LLP accounting firm and brings 35 years of accounting, audit and business experience to the Company. Mr. Herdman is also a director with a number of commercial and not for profit organizations and is a lecturer at ICD sessions through the Haskayne School of Business.
"We are excited to have Bob join us at Blackline," said Cody Slater, Chairman and CEO, "Blackline is making significant changes for expansion and growth into the Industrial Safety Market and Bob's depth of experience in business and accounting will prove a valuable asset to the Board as we move forward."
In connection to Mr. Herdman's appointment to the board of directors the Company has granted him 350,000 stock options to acquire up to 350,000 Common Shares of the Company as of April 5th, 2011. The options have an exercise price of $0.23 per Common Share and expire five years from the date of grant, being April 5, 2016. All of the options vest immediately.
The Company is also pleased to announce that Peter Dorrius, Interim Chief Financial Officer of the Company, has accepted the full time position of Chief Financial Officer of the Company as of April 1st, 2011. As part of his compensation package Mr. Dorrius has been granted 350,000 stock options to acquire up to 350,000 Common Shares of the Company.
The Company has also granted 350,000 stock options to acquire up to 350,000 Common Shares of the Company to Greg Rude in connection with his appointment as the Vice President of Industrial Sales on March 1, 2011. For further information on the appointment please refer to the Company's press release issued March 1, 2011, available on SEDAR.
The above options for Greg Rude and Peter Dorrius have an exercise price of $0.22 per Common Share and expire five years from the date of grant, being March 30, 2016. The options vest in equal tranches every 6 months for the next 3 years.
Blackline has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the grant of options (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
About Blackline: Headquartered in Calgary, Canada, Blackline designs, develops and manufactures industrial, consumer and commercial safety products. The solutions developed by Blackline address work environments that recognize the need to protect employees working alone or in field situations, while also offering real-time and exact global positioning location information. Blackline's mission is to become the dominant manufacturer and marketer of the most technologically advanced connected safety products in the world. Allowing customers to PROTECT their valued assets, SHARE the conditions of their environment, and CONNECT with emergency services when necessary.
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.
