TORONTO, Oct. 11 /CNW/ - SilverBirch Inc. (TSX VENTURE: SVB) is pleased to announce that Wojtek Kawczynski, MBA, MSc, has joined the company in the role of Senior Vice President and General manager of SilverBirch Studios Inc., its video game development and online game operations subsidiary.
Wojtek's prior experience was in enterprise software and venture capital and his role at SilverBirch will be to lead strategy and operations for the Studios division. "Wojtek's background in venture capital with Ventures West has provided him with a keen strategic perspective that will be of great benefit to the Studios division", said Derek van der Plaat, CEO of SilverBirch, "while his background is not directly in videogame development, he brings the passion and management skills needed to ramp up this division."
The Board of Directors has approved a signing bonus for Mr. Kawczynski, in the amount of 300,000 common share options, granted on October 9, 2007 at a strike price of $0.185, being the closing price on that date. On a related note, the Board has also awarded 500,000 common share options to Mr. van der Plaat in recognition of his meeting certain revenue targets during his first year of office. These are also priced at the October 9th closing price. Further option grants for the CEO will be tied to revenue growth targets to be established in concert with the Board's Compensation Committee.
In other news, the Company has announced that the former principals of Jambo Mobile Solutions have elected to exercise their conversion rights in respect of the $363,000 promissory notes due to them under the March 2007 purchase agreement. The conversion to equity will result in the issue of 2,428,948 common shares at a price of $0.15 per share.
About SilverBirch Inc.
Toronto-based SilverBirch Inc. is a fully integrated developer, publisher and distributor of high quality interactive media content and, through its Jambo Mobile division, provides mobile marketing and direct-to-consumer mobile content. In addition, the company is a multi-platform video game developer and operates an MMORPG (massive multiplayer online role-playing game) game called Metin 2 (see www.metin2.us). For more information, please visit www.silverbirchstudios.com and www.jambomobile.com.
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