CO2 Solutions Announces Adoption of Advance Notice By-Law
Outstanding shares: 79,687,836
QUEBEC CITY, Oct. 25, 2013 /CNW/ - CO2 Solutions Inc. ("CO2 Solutions" or the "Corporation") announces the adoption by its Board of Directors of amendments to its By-Laws by the addition of new By-Law 2013-1 (the "Advance Notice By-Law").
Among other things, the Advance Notice By-Law sets a deadline by which shareholders must submit a notice of director nominations to the Corporation prior to any annual or special meeting of shareholders where directors are to be elected and, furthermore, sets forth the information that a shareholder must include in the notice for it to be valid.
The Advance Notice By-Law will allow the Corporation to receive adequate prior notice of director nominations as well as sufficient information on the nominees and the Corporation will consequently be able to evaluate the proposed nominees' qualifications to act as directors. No person will be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of the Advance Notice By-Law. In the case of an annual meeting of shareholders, notice to the Corporate Secretary of the Corporation must be made not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders. In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Corporate Secretary of the Corporation must be made not later than the close of business on the fifteenth (15th) day following the day in which the first public announcement of the date of the special meeting of shareholders was made.
The Advance Notice By-Law will be placed before shareholders at the next annual and special meeting of shareholders of the Corporation scheduled for December 4, 2013 (the "Meeting"). The Advance Notice By-Law is not currently effective and will only become effective upon approval by shareholders. The full text of the Advance Notice By-Law will be available in the Corporation's management information circular which will be filed on SEDAR at www.sedar.com prior to the Meeting.
At the Meeting, the shareholders of the Corporation will also be asked to reconfirm the Corporation's existing shareholder rights plan (the "Shareholder Rights Plan"). The Shareholder Rights Plan was originally ratified by the shareholders of the Corporation at the annual and special meeting of shareholders held on November 24, 2010. The purpose of the Shareholder Rights Plan is to provide adequate time for shareholders to properly assess the merits of a take‐over bid for the Corporation without undue pressure and to provide the Board of Directors with the opportunity to explore and develop alternatives to a take‐over bid that are in the best interests of the Corporation. The Shareholder Rights Plan is set to expire upon the conclusion of the annual meeting of shareholders of the Corporation in 2019, subject to reconfirmation by shareholders in 2013 and 2016. The full text of the Shareholder Rights Plan is available on SEDAR at www.sedar.com.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post‐combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
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.
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