Share |
News

T-Ray Science, Inc. Announces Reorganization


August 19, 2010 at 2:41 am

Vancouver, Canada: T-Ray Science, Inc. (TSX-V: THZ) announces a reorganization to consolidate management and administration.

The Company reports that it has adopted a plan of reorganization which will result in a net savings of approximately $500,000 in cash expenditures over the next 12 months on general and administrative expenses, and the cancellation of 590,625 unvested options.

The role of CFO will be consolidated with that of VP Administration and will be fulfilled by Anna Trinh, the current VP of Administration.  The role of Chief Business Development Officer will be assumed by Thomas Braun, the current CEO.  The role of VP Product Development will be outsourced to consultants as needed.

The Company has also accepted the resignation of Ralph Braun as a member of the Board of Directors and wishes to thank Mr. Braun for his work on behalf of the Company.

In connection with the consolidation, the Company has granted 125,000 stock options at an exercise price of $0.25 per share, and 125,000 stock options at an exercise price of $0.30 per share to Ms. Trinh.  The options have a term of 5 years and have vesting restrictions. There are 6,617,469 shares reserved for issuance under the Company’s stock option plan and 2,240,625 options currently outstanding.

About Thomas Braun, CEO

Thomas Braun founded the Company in 2006.  Under his leadership the Company has filed several patent applications, completed an IPO on the TSX Venture Exchange, raised nearly $4 million in capital, and recently acquired the exclusive license for a  new cancer detection technology from the BC Cancer Agency.   He holds a B.A. degree from the University Western Ontario, a Juris Doctor degree from the University of British Columbia, a Master of Laws degree from the University of San Francisco, and is a member of the Law Society of British Columbia, as well as the California Bar Association.

About Anna Trinh, CFO

Anna Trinh has served as the Company’s VP Administration and Corporate Counsel since the inception of the Company in 2006.  Ms. Trinh holds a Bachelor of Commerce degree in Finance and an LL.B. degree from the University of British Columbia.  She is also a member of the Law Society of British Columbia, the Canadian Bar Association (BC) and the Canadian Corporate Counsel Association.

About T-Ray Science, Inc.

T-Ray Science, Inc. is a medical device company centered on the commercialization of an innovative skin cancer detection system for the early diagnosis and treatment of all significant forms of skin cancer. (Including: melanoma, basal cell carcinoma and squamous cell carcinoma).

The Company’s patented imaging and spectroscopy technologies are the foundation for the development of its non-invasive, in vivo skin cancer detection and delineation system. This diagnostic device will deliver significant clinical impact by streamlining and optimizing the skin cancer detection process , and will reduce healthcare costs by eliminating the need for most biopsies. The platform technology is extensible to other forms of cancer including gastro-intestinal and cervical cancers.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

For further information contact:

T-Ray Science, Inc.
Thomas Braun, President & CEO              
Telephone: 1-877-605-0507

Email: info@t-rayscience.com
Website:  www.t-rayscience.com

Forward Looking Statements  
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of THz based products, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand.  These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

  Back to top