Feb 18 2010
Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) announces today its intention to close its office on boulevard Lebourgneuf in Quebec City. Advitech's business operations will be transferred to its subsidiary in Calgary, Botaneco Speciality Ingredients Inc. ("Botaneco"). Following the merger of Advitech and Botaneco in November 2009, this is a significant step towards integrating and optimizing operations of the combined entity.
"This move will help realize expected synergies between Advitech and Botaneco in consolidating our operations, aligning sales and marketing efforts and reducing costs to better serve our customers" noted Michael Stangel, President and Chief Executive Officer of Advitech.
Ongoing research programs and regulatory affairs would continue to be performed from Quebec as scheduled.
Stock option grant
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Advitech announces that pursuant to the Corporation's stock option plan, it has granted a total of 1,250,000 stock options to employees and a consultant. These options have an exercise price between $0.10 and $0.16 per share and may be exercised during a period of five (5) years. This grant of options is subject to appropriate regulatory approvals.
Source:
ADVITECH INC.