Please refer to the latest financial statements and MD&A filed on www.sedar.com for full financial analysis and details.
Serenic has released its new versions of Serenic Navigator and Serenic DonorVison. This software will progress Serenic's new sales model collaboratively with Microsoft's volume model, wherein software will be marketed and deployed utilizing a highly prescriptive, "low-touch" customer experience. Management believes that this approach will ultimately be able to deliver higher sales volumes from a large segment of the NFP market that the Company has not previously been able to address. As well, we will continue our traditional sales methodology which uses highly consultative prospect communications and offers functionally rich solutions to those organizations who wish to continue to deploy on-premise licenses and to customize their software. Both of these strategies will be augmented by optional hosting of the software solutions on the new Microsoft Azure cloud based platform, which will feature attractive monthly payment plans and allow clients to avoid higher initial cash outlays. With respect to the Company's human capital management solutions, management's plan is to initiate similar strategies to foster higher volume sales opportunities for payroll and human resource management solutions.
In regards to corporate development, the primary objective remains to be that of optimizing shareholder value, which might entail a capital structure change, new strategic ventures, and/or merger and acquisition scenarios. Management strongly believes that the market capitalization of the Company as reflected in its current share price does not adequately reflect Serenic's fair value, and we will take appropriate action when that action would best serve the interests of shareholders.
We believe the Company remains adequately financed to operate as anticipated. Given the foundational work and investment over the past few years, and initiation of the volume sales strategies in collaboration with Microsoft in Fiscal 2013, Management is very excited to execute the 2014 business plan. Management remains confident that our course of action will ultimately generate greater value for our shareholders over the longer term.
Share Appreciation Rights Plan
On June 18, 2013, the Board of Directors approved the creation of a Share Appreciation Rights Plan (the "SARs Plan"), to be utilized in lieu of or in conjunction with the Company's Stock Option Plan, as a mechanism to incent individuals engaged by the Company. Pursuant to the terms of the SARs Plan, Share Appreciation Rights ("SARs") may be granted to directors, officers, employees and consultants of the Company. SARs granted under the SARs Plan vest immediately, expire in five years or 90 days after a grantee's termination of engagement with the Company, and upon exercise, pay to the grantee an amount equal to the difference between the Issue price and the Maturity price of the SARs. The Issue Price is the volume weighted average price of the Company's shares as traded on the TSX Venture Exchange during the twenty trading days prior to the date of issue of the SAR, less discounts similar to those allowed for stock options under TSX Venture Exchange regulations. The Maturity Price is the volume weighted average price of the Company's shares as traded on the TSX Venture Exchange during the twenty trading days prior to the date the grantee wishes to exercise the SARs. The total number of outstanding SARs authorized by the Board of Directors shall not exceed ten percent (10%) of the outstanding shares of the Company and the Board of Directors may further revise the maximum number of allowed SARS and other terms of the Plan as deemed appropriate.
On June 18, 2013, the Company granted in lieu of stock options, a total of 250,000 SARs to the Directors and Officers. 50,000 SARs were granted to each of Dwayne Kushniruk, Randy Keith, Ron Odynski and Doug Thomson, and 25,000 SARs were granted to each of David Tam and Paul Johnston. All SARs were granted with an Issue Price of $0.18.
About Serenic Corporation
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company's products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, and .NET, and are distributed in North America and internationally through value-added resellers and a direct sales organization. Serenic Corporation is the exclusive developer of human resource management and payroll products for Microsoft Dynamics NAV ERP users in North America. Serenic has offices in Edmonton, Alberta and Denver, Colorado and staff located in Canada, England, Africa and throughout the USA.
ON BEHALF OF THE BOARD OF DIRECTORS
Dwayne Kushniruk, Chairman
Forward Looking Statements
This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relate to Serenic's products and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, "Risks and Uncertainties" in Managements' Discussion and Analysis filed with the Alberta and British Columbia Securities Commissions. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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