VANCOUVER, June 19 /CNW/ - Hanwei Energy Services Corp. (TSX-V: HE) (the
"Company") announces the results of its annual general meeting (the "Meeting")
held on June 18, 2007. At the Meeting, the shareholders of the Company
approved all resolutions placed before them by management, including the
election of directors, the appointment of the auditor, and an amendment to the
Company's share option plan.
The shareholders elected William Cooke, Fulai Lang, William Paine, Joanne
Yan, Xinduo Yu and Qingyu Zhang to serve as directors of the Company. As of
the close of the Meeting, the Company's board is constituted of a majority of
independent directors, namely William Cooke, William Paine, Joanne Yan and
The shareholders appointed Ernst & Young LLP as the Company's auditors
and authorized the directors to fix their remuneration.
The shareholders amended the share option plan to specify the
circumstances in which shareholder approval is required to amend the share
option plan, extend the term of options expiring during or immediately after a
blackout period, restrict the number of common shares subject to options to be
held by insiders of the Company, provide for the administration of the share
option plan by the Company's Compensation Committee and make certain
incidental and ancillary amendments (collectively, the "Amendments"). The
Amendments are described in detail in the Company's management information
circular, pertaining to the Meeting, which is available for public viewing on
the Internet at www.sedar.com.
At the first meeting of the newly constituted Board of Directors held
immediately after the Meeting, the following individuals were appointed or
re-appointed as officers of the Company:
Fulai Lang, Chairman of the Board, President and Chief Executive Officer
Kim Oishi, Senior Vice President, Finance and Business Development
Yucai Huang, Chief Financial Officer
Stephen Wortley, Corporate Secretary
The Board of Directors have granted to each of William Paine, William
Cooke and to Stephen Wortley (subject to acceptance by the TSX Venture
Exchange) an option to acquire 100,000 common shares at an exercise price of
$5.70 per share (equal to the closing price per share of the Company's common
shares listed on the TSX Venture Exchange on June 18, 2007), with one-third
vesting immediately and one-third vesting on each of the first and second
anniversary of the date of grant, and expiring in 2012.
Also, the Board of Directors appointed William Paine as Lead Director and
reconstituted its standing board committees, all of which are comprised of
independent directors. The Audit Committee is comprised of William Cooke
(Chair), Joanne Yan and William Paine and the Compensation Committee is
comprised of Joanne Yan (Chair), William Cook and William Paine.
THE TSX VENTURE EXCHANGE NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF
THIS NEWS RELEASE.
For further information:
For further information: Kim Oishi, Senior Vice President, Finance and
Business Development, (416) 804-9228, email@example.com