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,
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