Hy-Drive Technologies Ltd. (HGS-V)
MISSISSAUGA, ON, May 13 /CNW/ - Hy-Drive Technologies Ltd., subsequent
to its Annual General and Special Meeting of Shareholders Meeting held
on Thursday, May 12, 2011, today announced the following:
As nominated by Management, the following individuals were elected to
the Board for the coming year: Travis Bradford, Robert Bucher, Dan
Doucette, Dr. Richard Marceau and Peter Williams. Retiring from the
Board is William Mayo.
Collins Barrow Toronto LLP was re-appointed as auditors for the fiscal
year December 31, 2011.
The Shareholders approved the formal Name Change of the corporation to
blutip Power Technologies Ltd. ("blutip Power"); as well as the
Incentive Stock Option Plan for the ensuing year and the Performance
Share Unit Plan.
A copy of Management's presentation is available for shareholders on
blutip Power's website and will be available for viewing until May 26,
2011, in conjunction with the audio replay as outlined on the
previously issued press release of May 6, 2011.
Board of Directors Meeting:
Immediately following the Shareholders' Meeting, the Board of Directors
elected Dan Doucette as Chairman of the Board. Additionally, a
resolution was passed by the Board of Directors resulting in the
issuance of 915,000 stock options; 150,000 of which were granted to
members of the Board in connection with their 2011 approved
compensation plan and 765,000 were granted to Officers of the Company.
All options granted have an exercise price of $0.13 and will expire on
May 12, 2016; 295,000 options will vest immediately, 120,000 will vest
quarterly in 25% increments over a one year period with 25% vesting
immediately; and the remaining 500,000 options will vest immediately
upon performance conditions being met.
About blutip Power
blutip Power, a division of Hy-Drive Technologies Ltd., is a technology
company headquartered in Mississauga, Ontario, Canada. The Company has
invested in the research and development of hydrogen and control
technology resulting in a proprietary, patented and patent-pending
hydrogen generating system ("HGS®") and advancement in multi-fuel
universal combustion controls. blutip's Hy-Drive HGS enriches the
fuel-air charge of an internal combustion engine with hydrogen produced
through electrolysis and uses its proprietary software controls to
improve combustion of the fuel-air mixture. The result is improved fuel
economy and reduced opacity (particulates).
Cautionary Note Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements that are
based upon current expectations, which involve risks and uncertainties
associated with the Company's business, and the economic environment in
which the business operates. Forward-looking statements contained in
this press release that are not statements of historical fact may be
deemed to be forward-looking statements including but not limited to,
statements about future development of blutip Power's/Hy-Drive's
products, commercial production in 2011, future working capital
requirements, and validation of blutip Power's/Hy-Drive's products, and
can be identified by the use of forward-looking terminology such as
"plans", "expects", or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"does not anticipate", "thinks", or "believes" or variations of such
words and phrases or statements that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur", or "be
achieved" and similar expressions to the extent that they relate to the
Company or its management. These forward-looking statements are not
historical facts, but reflect the Company's current expectations
regarding future results or events. These forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current expectation.
Although blutip Power/Hy-Drive has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. blutip
Power/Hy-Drive does not undertake to update any forward-looking
information that is incorporated by reference herein, except in
accordance with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release. The TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this release.
SOURCE Hy-Drive Technologies Ltd.
For further information:
| Robert H. Bucher, P.Eng |
President & CEO
Tel: (905)542-3024 x222
| Media Relations |
Tel: (905)542-3024 x268