ICOR News InterCore Energy Formalizes Management Incentives
2012-07-23 08:45 ET - News Release
Warrant Packages Intended to Incentivize Management to Grow Company
MAHWAH, N.J., July 23, 2012 /PRNewswire/ -- InterCore Energy, Inc. (OTCBB: ICOR - News) announced that on Friday, July 20, 2012, its Board of Directors adopted a resolution granting warrants to the Company's senior management team.
The structure of the warrant packages is consistent with one of the basic operating principles of ICOR: that management's rewards would be linked to ICOR's financial performance. The intention has always been that management would have performance-linked incentives that places the management team and the Company's investors on the same side of the table.
Thus, the warrants granted to management have two major elements that are consistent with the stated philosophy – they are all currently "out of the money" and none vest earlier than February 1, 2013.
"I'm pleased that the Board has formalized management incentives that offer future compensation that is related directly to the Company's stock price over time. I welcome the opportunity to build InterCore Energy into an enterprise with significant value that should provide a superior return to its shareholders while simultaneously offering management an opportunity to benefit from the results of such growth," said James F. Groelinger, CEO of InterCore Energy. "I believe there are remarkable operating and investment opportunities that can provide
