Lakeside Steel Reports Results of Annual and Special Meeting of Shareholders and Issues Stock Options

WELLAND, ON, Sept. 7, 2011 /CNW/ - Lakeside Steel Inc. (TSXV: LS) ("Lakeside Steel" or the "Company") announced the re-election, at its annual and special meeting of shareholders held today, of Vic Alboini (Chairman), Ron Bedard, Norm Findlay, Bill Grant and Wes Roitman to the Company's board of directors. In a move that further enhances board independence, improves corporate governance and adds expertise to the board of directors, shareholders today also elected Tony Meti and Bob Milbourne as new independent directors. Lakeside Steel's Board of Directors currently has seven members.

Lakeside Steel's shareholders reappointed Grant Thornton LLP to serve as the Company's auditors. Shareholders also re-approved the Company's Stock Option Plan and Employee Share Purchase Plan. For additional details about these resolutions, please refer to the Company's information circular prepared in connection with this meeting.

The Company also announced that, subject to receipt of required regulatory approvals, it granted stock options under its 10 per cent rolling Stock Option Plan to two new directors and an officer of the Company to purchase in the aggregate up to 1,300,000 common shares (the "Stock Options") in the capital of the Company. The exercise price of the Stock Options is $0.34 per share. The Stock Options expire September 6, 2021. Ten percent of the Stock Options issued to the directors vest immediately with the balance vesting as to fifteen percent every six months thereafter, subject to the terms and conditions of the Company's Stock Option Plan. The stock options issued to the officer vest as to one third on each of July 17, 2012, July 17, 2013 and July 17, 2014.

About Lakeside Steel Inc.

Lakeside is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating facilities located in Welland, Ontario, and Corpus Christi, Texas, and three facilities currently being constructed in Thomasville, Alabama. Lakeside is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list of customers includes large oil and gas end users as well as distributors across North America.

Lakeside Steel Alabama will be a diversified steel pipe manufacturer with end-finishing and heat treat capabilities strategically situated in the southern United States on successful completion of construction of the new facilities in Thomasville, Alabama. Construction of the Alabama facilities is currently underway.

This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion, and Analysis, Annual Information Form and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.

Neither 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. Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

SOURCE Lakeside Steel Inc.

For further information:

Ron Bedard 
President and Chief Operating Officer
Lakeside Steel Inc.
FAX:  (905)735-9069
e-mail: ron.bedard@lakesidesteelcorp.ca
  Ken Hunter 
Chief Financial Officer
Lakeside Steel Inc
FAX:  (905)735-9069
e-mail: ken.hunter@lakesidesteelcorp.ca

 

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Lakeside Steel Inc.

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