Cathay Merchant Group, Inc. Adjourns Annual Meeting to May 25, 2007
12 Maggio 2007 - 1:02AM
PR Newswire (US)
HONG KONG, May 11 /PRNewswire-FirstCall/ -- Cathay Merchant Group,
Inc. (AMEX:CMQ) (the "Company") -- The Chairman of the Company has
adjourned the annual general meeting of shareholders which was held
on May 7, 2007. The meeting was adjourned because the Company did
not obtain the quorum necessary to constitute a valid and duly
called meeting. As stated in the Company's bylaws, the Company
requires votes either in person or by duly executed proxy from
shareholders holding at least a majority of the issued and
outstanding shares and who are otherwise entitled to vote at the
meeting. To date, the Company has received votes from shareholders
holding approximately 45% of the shares that are currently issued
and outstanding. The Company has therefore adjourned the meeting
until May 25, 2007 in order to provide additional time for
shareholders to vote their shares at the meeting. On February 27,
2007, the Company received notice from the staff of the American
Stock Exchange (the "Exchange") indicating that the Company is not
in compliance with Section 704 of the Amex Company Guide, which
requires a listed company to hold meetings of its shareholders
annually to elect directors and take action on other corporate
matters. Specifically, the Company did not hold an annual meeting
of its shareholders during the five-month transition year ended
December 31, 2005 and the year ended December 31, 2006. The Company
was afforded the opportunity to submit a plan of compliance to the
Exchange and presented the plan on April 11, 2007. On April 24,
2007, the Exchange notified the Company that it accepted the
Company's plan of compliance and granted the Company an extension
until May 29, 2007 to regain compliance with the continued listing
standards. In order for the Company to remain listed with the
Exchange, the shareholders must vote to ratify and approve the
matters that are set out in the Notice of Meeting and Proxy
Statement that were mailed to shareholders in connection with the
2007 annual meeting. Accordingly, the Company strongly encourages
all shareholders to vote either in person or by duly executed proxy
before May 25, 2007 so that the Company can remain listed on the
Exchange. Contact Information: Rene Randall, 604.683.5767
DATASOURCE: Cathay Merchant Group, Inc. CONTACT: Rene Randall of
Cathay Merchant Group, Inc., +1-604-683-5767
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