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
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.
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