MONTREAL, May 9, 2017 /CNW/ - HNZ Group Inc. (TSX: HNZ) (the "Corporation") announced today that the board of directors of the Corporation (the "Board") has approved amendments to its stock option plan (the "Option Plan"). The amendments have been proposed to address issues raised by certain shareholders in the course of their review of the matters to be voted on at the upcoming annual and special meeting of the shareholders of the Corporation to be held on May 12, 2017 (the "AGM").
The Option Plan will be amended to reduce the maximum number of shares issuable pursuant to Options under the Option Plan to be equal to 650,157 shares, or approximately 5% of the Corporation's issued and outstanding common and variable voting shares, rather than the 10% maximum that was initially proposed.
The amended Option Plan will be put forward to shareholders for their approval at the AGM. Shareholders are reminded that the deadline for submitting proxies is 5:00 pm EST on May 10, 2017, and to consult their form of proxy for instructions on how to exercise their vote.
ABOUT HNZ GROUP INC.
HNZ Group is an international provider of helicopter transportation and related support services with operations in Canada, New Zealand, Australia, Norway, Southeast Asia and Antarctica. The Corporation operates in excess of 115 helicopters to support offshore and onshore charter activities under a number of different brands. Offshore operations are provided under the Norsk brand in Norway and HNZ elsewhere in the world, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand in Asia-Pacific and Antarctica. Clients consist of multinational companies and government agencies including offshore and onshore oil and gas, mineral exploration, military support, hydro and utilities, forest management, construction, air ambulance and search and rescue. In addition to charter services, it provides ancillary services which include third-party repair and maintenance services and advanced flight training by the internationally recognized HNZ Topflight training center in Penticton, British Columbia. HNZ Group is a publically traded company on the Toronto Stock Exchange (TSX: HNZ) and is headquartered near Montreal, Canada and employs approximately 600 personnel from 37 locations around the world.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements relating to the future contractual relationship between the Corporation and the customers named herein and in particular with respect to the expected revenues and duration of such relationship. When used in this press release, such statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipated", "estimate", "predict", "potential" or the negative of these terms and other similar terminology. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made. The Company disclaims any intention or obligation to update or revise any forward- looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE HNZ Group Inc.
For further information: HNZ Group Inc.: Matt Wright, CFA, MBA, Vice President and Chief Financial Officer, Tel.: 780-429-6903