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EDMONTON, ALBERTA--(CCNMatthews - Sept. 29, 2006) - Winalta Inc. (TSX VENTURE:WTA.A) ("Winalta") announces that the Board of Directors has, subject to regulatory approval, approved the grant of stock options pursuant to Winalta's Stock Option Plan to acquire an aggregate of 1,380,000 common shares of Winalta ("Common Shares"); 800,000 common shares to Directors and Officers, the remainder to Winalta employees and consultants. The options will have an exercise price of $1.55 per common share and will expire within 5 years from the date of issuance; 25% will vest after one year, 25% each year thereafter.
About Winalta: Winalta Inc. is a producer of manufactured CSA certified homes, modular homes, site-built homes, industrial projects and recreational homes. In addition, through its subsidiary, Vanguard Inc., the Corporation designs, manufactures and wholesales recreational vehicles and industrial oilfield units.
CHATTANOOGA, Tenn. Public school officials in Chattanooga say their transportation contractor owes them more than 180-thousand dollars in service fines. The fines began after the 20th day of classes in the Hamilton County school system. Cincinnati-based First Student runs a portion of the school bus routes and the school system has budgeted 7-point-3 (m) million dollars to pay the company in the current school year. School board member Chip Baker was surprised to learn the amount of the fines racked up by the company and says it appears the schools are "making money on them." The contract requires First Student to pay specified fines for each infraction not corrected within five days. As an example, a bus that is consistently late on a morning or afternoon route is a 150-dollar fine, if not corrected.
MARCO ISLAND: A Marco Island water main at the intersection of Collier Boulevard and Bald Eagle Drive has been damaged by contractor. A boil water notice is in effect for about 200 people on the island. Crews worked into the night trying to repair the break at the intersection. Part of Bald Eagle Drive was still shut down on Wednesday night, but the bigger issue was over the water quality on the island. Porky's, a restaurant on Marco Island, is normally packed. But on Wednesday it was empty. Porky's, like many other restaurants, had to shut down early because of the water main break. "We've already had quite a few people that we've had to turn away. You can't do anything without water," said Porky's manager Toni Ison. One of the city's main water lines was ruptured by crews working on a stop light project.
The Mississippi Legislature came to Jackson Thursday to consider a tax cut on modular homes. Amazingly, lawmakers met and completed the work on Gov. Haley Barbour's proposal in record time, about an hour and 45 minutes. Veteran lawmakers called it a record. Considering that legislators can argue anything ad nauseam, it was indeed a feat. Unfortunately, solving the Gulf Coast's housing problems won't be happening anytime soon. Housing remains the No. 1 issue for recovery from Hurricane Katrina. With more than 80,000 units destroyed or damaged, it will take years to replace needed housing. This tax break for modular housing will help. Modular houses are built in factories and assembled on home sites, which can cut the time of obtaining one to about a month, when it can take up to a year for a conventional site-built home.
MAGALIA -- Despite admitting the need for a child care in Magalia, the board of directors for Paradise Pines Property Owners Association (POA) denied a request for a preschool to operate at 6260 Ponderosa Way. According to Richard Alloway, general manager of the POA, board members voted unanimously Tuesday evening to deny a variance that would allow the business. Mary Ann Cleary, owner of Pee Wee Preschool in Paradise, and property owner Larry Biegler wanted to open a center to serve up to 80 children in property once used as a clean and sober home, a step-down program for former drug or alcohol addicts. But when the issue was put before the POA last month, it met opposition. "It seemed that every person against the day care supported the need," Alloway admitted.
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