Alberta Oilsands Inc. Shareholders Call for New Slate of Directors for Election
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CALGARY, April 19, 2012 /CNW/ - Shareholders (the "Requisitioning Shareholders"), holding not less than 5% of the shares of Alberta Oilsands Inc. ("AOS") (TSX-V:AOS), have requisitioned a shareholders' meeting for the purpose of replacing the current Board of Directors of AOS. The proposed slate of new Directors is as follows:
|Leslie R Duncan, Q.C. of Calgary, AB|
|Chad L Dust of Calgary, AB|
|Dwayne S Tyrkalo of Calgary, AB|
|Dale G Hammons of Bonnyville, AB|
|Director Nominee||(The 5th Nominee, not yet determined, will be independent of the foregoing nominees and will be identified in the Proxy Circular to be issued on behalf of the undersigned in connection with the shareholder meeting)|
AOS is required to call a meeting for such purpose. The Requisitioning Shareholders have requested the meeting be held at the earliest feasible date.
Leslie Duncan, Chad Dust, Dwayne Tyrkalo, and Dale Hammons have each signed undertakings to AOS and its shareholders that they will not accept appointment as an Officer or Employee of AOS for a period of 1 year from the date of their election as Directors.
Further, the proposed new Board of Directors have undertaken that they will exercise their authority as Directors to assure that the Directors' fees in the aggregate for the year following their election will be, at a maximum, half of the fees currently being paid to the Board of AOS.
The requisitioning shareholders stated that this shareholder group (the "Requisitioning Shareholders") has lost confidence in the present Directors and Management. They stated:
AOS has staked its future in its application to the ERCB and Alberta
Government for development of its Clearwater leases in the Alberta
Oilsands. This application has been long delayed and any approval for
production is uncertain.
In any event, AOS currently has insufficient funding to undertake and
complete the proposed Clearwater production development which was
submitted approximately 27 months ago in January of 2010 to the Alberta
Energy Resources Conservation Board (E.R.C.B).
AOS has current working capital of approximately $20 million which is
being eroded by substantial Directors' fees and compensation to
The current Directors own approximately 1.9% of the shares of AOS and
are less representative of shareholder interests than the proposed
The circumstances require a new Board of Directors to consider other
more economic options and timely development, additional strategic
alternatives and possible sale of its assets or some of them, a merger
or joint venture or other processes by which shareholder value may be
The current Directors of AOS are required to call a meeting within 21
days. If they fail to do so, the Requisitioning Shareholders will be
calling a meeting in accordance with the provisions of the Alberta Business Corporations Act.
- The Requisitioning Shareholders will be issuing a Dissident Proxy Circular in connection with the forthcoming shareholders' meeting and will be soliciting proxies in support of the election of the proposed slate of new Directors at the requisitioned shareholders' meeting.
ON BEHALF OF THE REQUSITIONING SHAREHOLDERS
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
The forward-looking statements contained in this document are made as of the date hereof and undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws
For further information:
(403) 608-6505 or (403) 975-6505 phone
(403) 265-7335 fax