Osvaldo (Ozzie) Iadarola, Audiotech Healthcare Corp.'s president and chief executive officer, has exercised 225,000 common share purchase options at 22 cents per share, resulting in proceeds of $49,500 to the company.
The majority of the proceeds from the exercise of the stock options was immediately applied against long-term debt. Specifically, $48,000 was used to repay an equal amount of the outstanding 10-per-cent convertible debentures. A further $20,000 in convertible debentures was converted into common shares at 20 cents per share by the debentureholders, resulting in the issuance of 100,000 common shares. Accordingly, the outstanding convertible debentures have been reduced by $68,000, thereby decreasing both future interest costs and amortization of the debenture discount.
Audiotech remains committed to further debt reduction during fiscal 2005.
The company now has 13,329,825 common shares issued and outstanding.
In a separate and unrelated series of private transactions, 180,000 common shares have been sold by Mr. Iadarola to other directors, officers, key employees, consultants and insiders of the company.