MONTREAL, Dec. 24, 2010 /PRNewswire/ -- SAND Technology Inc. (the "Company") (OTC Bulletin Board: SNDTF), an international provider of data management software and best practices, today announced the mailing of its Management Information Circular for its previously announced annual and special meeting to be held January 25, 2011.
The special matter is that the Company is seeking shareholder ratification of the 2010 Stock Incentive Plan adopted on November 16, 2010 by the Board of Directors (the "Plan").
The purpose of the Plan is to further the growth, development and financial success of the Company and its subsidiaries by aligning the personal interests of employees, executive officers, directors and consultants, through equity participation, to those of the Company. The Plan is further intended to provide flexibility to the Company in its ability to compensate employees, executive officers, directors and consultants and to motivate, attract and retain the services of such employees, executive officers, directors and consultants who have the ability to enhance the value of the Company and its subsidiaries.
The number of Class A Common Shares of the Company (the "Common Shares") that may be made the subject of awards and options under the Plan shall not exceed 4,000,000 Common Shares, subject to adjustment to take into account changes in the capital structure of the Company. As of December 17, 2010, options for an aggregate of 1,986,984 Common Shares were outstanding pursuant to the Plan. Currently there are 15,889,620 Common Shares of the Company which are outstanding. The maximum number of Common Shares issuable pursuant to the Plan represents approximately 16% of fully diluted Common Shares.
About SAND Technology
SAND Technology provides advanced analytics database software for analyzing large amounts of extreme data on-demand while lowering TCO, leveraging existing infrastructure and improving operational performance.
SAND's software drives solutions for CRM analytics, and specialized applications for government, healthcare, financial services, telecommunications, retail, transportation, and other business sectors. SAND has achieved "Certified for SAP NetWeaver" status and SAND Nearline Integration Controller has achieved "Powered by SAP NetWeaver" status.
SAND Technology has offices in the United States, Canada, the United Kingdom and Central Europe.
SAND Technology, SAND CDBMS, Nucleus, N-Vector, and MPSO are registered trademarks, and SAND/DNA, SAND/DNA Access, SAND/DNA Analytics, SAND/DNA aCRM, SAND Analytic Server, SAND Searchable Archive, SAND Extensible Warehouse, and all related SAND-, SAND/DNA, and Nucleus-based marks and designs, are trademarks of SAND Technology Inc. Other trademarks remain the property of their respective owners.
Caution Concerning Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the United States Securities Act of 1933 and of the United States Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 or as "forward-looking information" under Canadian securities legislation (collectively, "forward-looking statements"). The forward-looking statements are intended to be subject to the safe harbour protection provided by these Acts. We have based these forward-looking statements on our current expectations and projections about future results, levels of activity, events, trends or plans. Such forward-looking statements are not guarantees and by their nature are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SAND to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements included in this press release are based on current expectations and on information available to SAND on the date of this press release. For a more detailed discussion of these risks and uncertainties and other business risks, see SAND's current Annual Report and SAND's reports to the Securities and Exchange Commission (filed on EDGAR at www.sec.gov) and the Canadian securities authorities (filed on SEDAR at www.sedar.com). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by applicable laws, we undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
SOURCE SAND Technology Inc.