10% Quorum Requirement Not Met
WATERLOO, ON, June 29 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), which is a leader in high-performance, high-quality, cost-effective solar technology, today announced that the 2010 annual and special meeting of ARISE shareholders scheduled for, and convened on June 28, 2010, was adjourned due to the lack of requisite quorum.
The 2010 annual and special meeting of ARISE shareholders has been adjourned to 11:00 a.m. (EST) on July 20, 2010 and will be held at the University Club, University of Waterloo, 200 University Avenue West, Waterloo, ON N2L 3G1.
ARISE's by-laws quorum requirement states that two or more shareholders or proxyholders holding at least 10% of the shares entitled to vote must be present at the meeting. At the adjourned meeting on July 20, 2010 those shareholders present at the meeting in person or by proxy shall constitute the requisite quorum.
The Company's proxy materials, including its notice of meeting and management information circular previously filed on www.SEDAR.com and mailed to the Company's shareholders on or about May 20, 2010 as well as the agenda for the meeting set out therein, remain unchanged.
As numerous shareholders were present at the June 28, 2010 meeting, the Company continued on with the informal portion of the meeting, including the presentation by the CEO to shareholders. This presentation is available at www.arisetech.com. Given this, the adjourned meeting will only cover the formal business required to be dealt with as set out in the proxy materials.
Proxies previously submitted in respect of the original meeting shall be voted at the adjourned meeting unless revoked. Additional proxies for the adjourned meeting will be accepted until 48 hours prior to the time of the adjourned meeting.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division has been providing PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section of the (final) prospectus supplement, ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information: ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Doug McCollam, Chief Financial Officer, (519) 772-5706, www.arisetech.com; Investor Relations: Glen Williams, The Equicom Group, (416) 815-0700 x272