DRUMMONDVILLE, QC, June 5, 2012 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or the "Corporation") (TSX: CVT) announces that at the CVTech
Annual General and Special Meeting of shareholders held on May 30, 2012
in Montreal (the "Meeting"), shareholders voted a majority of shares
for the election of directors nominated in the proxy solicitation
circular filed by the Corporation on May 8, 2012, namely Jacques Joly,
André Laramée, Robert Beaudoin, Serge Chiasson, André Lepage, Luc Reny
and Guy Aubert.
The scrutineers' report confirmed that 23 shareholders and/or
proxyholders were present at the Meeting, representing, personally or
by proxy, 61,273,982 common shares being 84.61% of the issued and
outstanding common shares of CVTech. The scrutineers' report confirmed
that a quorum was present and that the Meeting was duly constituted.
Upon the opening of the Meeting, Guy Aubert, representing Gestion G.
Aubert Ltée (the "Dissenting Shareholder") withdrew the propositions of
the Dissenting Shareholder included in its circular dated May 14, 2012
which contained amongst other things the nomination of a new Board of
Directors. Following the withdrawal, the votes which had been solicited
in favour of these propositions were withdrawn. Subsequent to this
withdrawal, the scrutineers confirmed that, but for the shareholders
and/or proxyholders who had given a proxy to the Dissident Shareholder,
the shareholders and/or proxyholders voted in favour of management, in
a proportion varying between 90.56% and 99.62%.
As an indication only, if the votes cast by shareholders favourable to
the Dissenting Shareholder's circular had not been withdrawn, the
scrutineers would have reported a total of 59,862,030 common shares
being 82.66% of the issued and outstanding common shares of CVTech,
voted by shareholders and/or proxyholders representing these shares
personally or by proxy. Of this total, 43,036,114 common shares,
representing between 45.08 % and 71.66 % of the total voted would have
been voted in favour of the directors nominated by the Corporation
including the Dissenting Shareholder and 16,825,916 common shares,
representing between 28.02 % and 28.07 % of the total voted would have
been voted, including the 9,973,388 common shares held directly or
indirectly by the Dissenting Shareholder (16.66 %) in favour of the
directors nominated by the Dissenting Shareholder.
Thus the holders of a majority of CVTech shares followed the
recommendations of two independent proxy advisory services firms,
Glass, Lewis & Co. and Institutional Shareholder Services Canada Corp.,
which both issued reports recommending that CVTech shareholders vote in
favour of election of the directors nominated by the Corporation.
CVTech management is satisfied with the outcome of this matter of
governance of the Corporation.
OVERVIEW OF THE CORPORATION
CVTech is a management company operating in two sectors. Through Thirau
ltée and its subsidiaries Riggs Distler Inc. and Thirau LLC, the
Corporation provides services to the electric power industry for the
maintenance of transmission and distribution lines, primarily in
Quebec, Ontario and the eastern United States. Another Thirau ltée
subsidiary, J.J.L. Déboisement inc., specializes in control of
vegetation surrounding power lines and in clearing rights of way.
Thirau LLC's wholly owned subsidiary Riggs Distler & Company, Inc. is a
leading provider of maintenance and construction services to the
utility and heavy industrial markets. In the CVT Systems and Related
Products Segment, the Corporation, through CVTech-IBC Inc., designs,
manufactures and sells continuously variable power transmission
systems, or CVT systems. CVTech-AAB Inc. specializes in rebuilding
crankshafts and cylinders and in distributing engine parts.
This document may contain forward-looking statements that reflect
management's current expectations regarding future events.
Forward-looking statements are based on a number of factors and include
risks and uncertainties. Actual results may differ from forecast
results. Management has no obligation beyond what is required under the
law to update or revise forward-looking statements pursuant to new
information or future events.
Further information regarding CVTech is available in the SEDAR database
(www.sedar.com) and on the Corporation's website at www.cvtech.ca.
SOURCE CVTECH GROUP INC.
For further information:
Source: CVTech Group Inc.
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CMA
Chief Financial Officer
Martin Goulet, CFA