MISSISSAUGA, ON, April 17 /CNW/ - Hy-Drive Technologies Ltd., subsequent
to its Annual General and Special Meeting of Shareholders Meeting held on
Thursday, April 16, 2009, today announced the following:
As nominated by Management, the following individuals were elected to the
Board for the coming year: Travis Bradford, Dan Doucette, William Mayo, David
Merrion, Hugo Sorensen and Peter Williams. In a subsequent meeting of the
Board, Dan Doucette was elected Chairman of the Board.
Collins Barrow Toronto LLP was re-appointed as auditors for the fiscal
year December 31, 2009.
The Shareholders approved the Incentive Stock Option Plan for the ensuing
year. Shareholders approved By-Law No.2, relating generally to the transaction
of business and affairs of the Corporation, in order to conform to the Ontario
Business Corporations Act and repealed By-Law No.1. Shareholders also approved
the Special Resolution empowering the Directors to determine the number of
Directors to be elected at each annual shareholders meeting.
Board of Directors Meeting:
Immediately following the Shareholders' Meeting, a resolution was passed
by the Board of Directors resulting in the issuance of 121,875 stock options,
to members of the Board in connection with their 2009 approved compensation
plan, at an exercise price of $1.00. The options will vest quarterly in 25%
increments over a one year period with 25% vesting immediately and shall
expire on May 7, 2019.
Hy-Drive is a technology firm that has developed a proprietary, patented
hydrogen generating system. Hy-Drive's Hydrogen Generating System ("HGS(TM)")
generates and injects hydrogen gas into a regular internal combustion engine,
enhancing the combustion process by allowing fuel to burn more efficiently and
completely. For more information, please visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Statements:
This MD&A contains certain forward-looking statements that are based upon
current expectations, which involve risks and uncertainties associated with
the Company's business, and the economic environment in which the business
operates. Forward-looking statements contained in this MD&A that are not
statements of historical fact may be deemed to be forward-looking statements
including but not limited to, statements about future development of
Hy-Drive's products, commercial production in 2009, future working capital
requirements, and validation of Hy-Drive's products, and can be identified by
the use of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "does not anticipate", "thinks", or "believes" or
variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved" and similar expressions to the extent that they
relate to the Company or its management. These forward-looking statements are
not historical facts, but reflect the Company's current expectations regarding
future results or events. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results or events to
differ materially from current expectations, including the matters discussed
in the section "Risks and Uncertainties" below.
Although Hy-Drive has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking
information. Hy-Drive does not undertake to update any forward-looking
information that is incorporated by reference herein, except in accordance
with applicable securities laws.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Hugo T. Sorensen, President & CEO, Hy-Drive
Technologies Ltd., Tel: (905) 542-3024, ext. 222, firstname.lastname@example.org; Fred
M. Florence, Vice President & CFO, Hy-Drive Technologies Ltd., Tel: (905)
542-3024 ext. 257, email@example.com