YONKERS, N.Y.--(BUSINESS WIRE)--Advanced Viral Research Corp. (OTC Bulletin Board: ADVR) a bio-pharmaceutical company, announced today that Stephen M. Elliston, its current President and CEO, has entered into a new employment contract, which, among other things, extends his employment for an additional two years. Under the new employment agreement, Mr. Elliston has agreed to serve as ADVR’s President and CEO through May 14, 2009, at an annual salary of $350,000. In addition, ADVR has granted Mr. Elliston options to acquire 40,000,000 shares of ADVR Common Stock. The options become exercisable in increments of 666,667 shares monthly, and are exercisable over a period of five years at prices ranging from $0.05 to $0.08 per option share.
