TORONTO, ONTARIO--(Marketwire - June 26, 2012) - Xylitol Canada Inc. ("Xylitol Canada", or the "Company") (TSX VENTURE:XYL) announces today that pursuant to the terms of its stock option plan, the Company has granted an aggregate of 1,050,000 stock options to its directors, officers, employees and consultants. Each option entitles the holder thereof to purchase one common share at an exercise price of $0.28, representing the closing price of the Company's common shares on the TSX Venture Exchange on June 25, 2012. The options are exercisable for up to 5 years from the date of grant, subject to vesting restrictions over a period of 12 months and subject to the terms of the Company's stock option plan.
The Company is also pleased to announce the addition of Mr. Stephen Kennedy to the Company's Board of Directors. Mr. Kennedy is currently the Executive Vice President of Research and Development for Mascoma Corporation. Prior to his appointment to Mascoma Corporation in May of 2011, Mr. Kennedy served as interim Executive Director of the Novartis/MIT Center for Continuous Manufacturing at the Massachusetts Institute of Technology. Before that, he spent 18 years at Genzyme, most recently serving as Senior Vice President of Technical Operations and Technology Leadership, a role in which he focused on research and development, process development, manufacturing technical support and analytical technology groups in process technology improvement and optimization. For many years Mr. Kennedy was heavily involved in Genzyme's biologics operations, working in Belgium and France. He also spent time at Genencor in Finland and at Eastman Kodak, in Rochester, New York. Mr. Kennedy has an MBA from Boston University, an MS in Chemical Engineering/Biochemistry from the University of Rochester, and a BS from the University of Michigan, Ann Arbor in Chemical Engineering/Biology. The Board of Directors extends its welcome to Mr. Kennedy and looks forward to working with him.
About Xylitol Canada Inc.
Xylitol Canada markets xylitol and xylitol based-products and is focused on becoming a major low-cost manufacturer of xylitol and related products, serving the global market from operations in North America.
Xylitol Canada's business strategy is to leverage novel proprietary technology and processes to become North America's premier manufacturer of low cost, high quality xylitol from readily available environmentally-sustainable biomass. Xylitol is an all-natural sweetener which is marketed globally including Canada and the United States and is accepted by the American Food and Drug Administration, the World Health Organization and the American Dental Association. Xylitol contains 75% less carbohydrates and 40% less calories than sugar, has a myriad of oral health benefits including the prevention of tooth decay and is safe for diabetics. To date, wider spread use of xylitol has been limited by the lack of a reliable, low cost, high quality supplier.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is define din the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.