General Donlee Canada Inc. Shareholders Approve Stock Split, Adopt Incentive Stock Option Plan and Elect Board of Directors

TORONTO, May 16 /CNW/ - General Donlee Canada Inc. ("General Donlee" or the "Company") (TSX: GDI) is pleased to announce that a majority of its shareholders have approved the following resolutions at its Annual and Special Meeting of Shareholders held on May 13, 2011:

-  a special resolution to approve a stock split ("Stock Split") amending the Company's articles of arrangement to divide the Company's common shares on a 2-for-1 basis, with one additional common share to be issued for each common share currently issued and outstanding. The stock split had already received the conditional approval of the Toronto Stock Exchange. If all regulatory approvals are obtained, it is expected that the common shares will begin to trade on a subdivided basis in late May or early June 2011.

- an ordinary resolution to approve the adoption of an incentive stock option plan ("Incentive Stock Option Plan") to allow the company to attract, retain and motivate directors, officers, employee and service providers. The plan provides that a maximum of 1,000,000 common shares will be reserved for issuance upon the exercise of options granted under the plan.

Commenting on the approval of the Stock Split resolution, Garen Mikirditsian, Chief Financial Officer of the Company, stated, "We are glad to see a majority of shareholders approving the Stock Split, as we believe that having a greater number of common shares will enhance our stock's trading liquidity, increase investor interest in the Company and encourage a wider distribution of our stock". With regards to the adoption of the Incentive Stock Option Plan, Mr. Michael Snow, President and Chief Executive Officer of the Company, commented, "The adoption of the Incentive Stock Option Plan will allow us to align the interests of management and employees with those of Shareholders, in support of our growth strategy and our goal to generate long-term, sustainable value."

General Donlee is further pleased to announce that the following individuals have been elected to the Company's Board of Directors: George Armoyan, Michael Bregman, Ken Laver, Brian Luborsky, Michael Snow and David Wood. Mr. Ken Laver is a first-time director of General Donlee, and brings extensive executive experience and insight into the aerospace industry to the Company's Board.

Mr. Laver is a Corporate Director with a long and successful track record in the aerospace industry. Mr. Laver's past business responsibilities include: Vice President and General Manager of Boeing of Canada Ltd.'s Arnprior Division, President and Board Member of de Havilland Inc., President of Messier-Dowty, Group Vice-President of the Messier-Dowty Regional and Business Aircraft Business Unit, Chairman of the Boards of Messier-Dowty Singapore, Messier-Dowty Suzhou and SAFRAN's National Executive for Canada. Mr. Laver currently serves on the Boards of Interfast Inc. and 2Source Manufacturing Inc.

About General Donlee Canada Inc.

General Donlee Canada Inc. is a leading diversified manufacturer of precision-machined products for the military, commercial and general aerospace industries, and a specialist in the manufacture of precision-machined products for the industrial products and power generation industries. General Donlee's operating strategy focuses on targeting niche markets for products that are aligned with its sophisticated manufacturing capabilities and skilled workforce.

Forward Looking Statements

Certain forward-looking statements contained in this news release are based on information, currently available to management, but are subject to a number of uncertainties and risks that could cause actual results to differ materially from the results discussed in the forward-looking statements. Further information can be found in the disclosure documents filed by General Donlee Canada Inc. with the securities regulatory authorities, available at www.sedar.com or through the Fund's website at www.generaldonlee.com.

SOURCE General Donlee Canada Inc.

For further information:

Garen Mikirditsian, Chief Financial Officer

Telephone:    (416) 743-4417
E-mail:     info@donleeprecision.com
Web site:    www.generaldonlee.com

 

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