BURNABY, BC, Jan. 7, 2016 /CNW/ - IWG Technologies, Inc.
("IWG" or the "Company") is pleased to announce the
approval by its board of directors of an advance notice policy (the
"Advance Notice Policy") regarding director nominations, as
described below.
The purpose of the Advance Notice Policy is to provide a clear
process for the shareholders, directors and management to follow
when nominating directors of the Company. Such a policy will
ensure that shareholders receive adequate notice of director
nominations and sufficient information regarding all director
nominees and will allow shareholders to register an informed vote
after having been afforded reasonable time for appropriate
deliberation.
The Advance Notice Policy, among other things, includes a
provision that requires advance notice to the Company in certain
circumstances where nominations of persons for election to the
board of directors are made by shareholders of the Company.
This policy also sets a deadline by which director nominations must
be submitted to the Company prior to any annual meeting of the
shareholders or at any special meeting of the shareholders at which
directors are to be elected and also sets out the required
information that must be included in the notice to the
Company. No person will be eligible for election as a
director of the Company unless nominated in accordance with the
Advance Notice Policy.
In the case of an annual meeting of the shareholders, notice to
the Company must be made not less than 35 days and not more than 65
days prior to the date of the annual meeting. If the annual
meeting is being held on a date that is less than 50 days following
the date on which the first public announcement of the meeting was
made, notice may be made not later than the close of business on
the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not
also an annual meeting) called for the purpose of electing
directors, notice to the Company must be made not later than the
close of business on the 15th day following the day on which the
first public announcement of the date of the special meeting was
made. Notwithstanding the foregoing, the board of directors
may, in its sole discretion, waive any requirement of the Advance
Notice Policy.
The Advance Notice Policy is now in effect and will apply in
connection with the Company's next annual general meeting (the
"Shareholders' Meeting"). The Company intends to seek
shareholder approval and ratification of the Advance Notice Policy
at the Shareholders' Meeting. If the Advance Notice Policy is not
ratified by ordinary resolution of IWG's shareholders at the
Shareholders' Meeting, then it will terminate and be void and of no
further force or effect following the termination of the
Shareholders' Meeting.
A full description of the Advance Notice Policy will be
contained in the information circular to be prepared for the
Shareholders' Meeting and mailed to the Company's shareholders. A
copy of the Advance Notice Policy is available on SEDAR under the
Company's profile at www.sedar.com.
IWG Technologies, Inc. is the public holding company for
International Water-Guard Industries Inc., a Canadian aerospace
company focused on aircraft potable water treatment, water systems,
water heaters and components. IWG has expertise in all aspects of
water treatment, has the products and know-how to provide high
quality water for passengers and crew, and lightweight,
space-saving solutions for the aircraft operator.
On behalf of the Board of Directors
IWG Technologies Inc.
"Bruce W. Gowan"
Chair of the Board
This news release contains certain forward-looking statements
that reflect the current views and/ or expectations of IWG with
respect to its performance, business and future events including
statements with respect to completion of proposed or future
transactions. Such statements are subject to a number of risks,
uncertainties and assumptions, which may cause actual results to be
materially different from those expressed or implied. IWG assumes
no future obligation to update these forward looking statements
except as required by applicable securities laws.
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 RELEASE.
TSX VENTURE: IWG
SOURCE IWG Technologies Inc.