MISSISSAUGA, ON, June 9 /CNW/ - Hy-Drive Technologies Ltd., subsequent to its Annual General and Special Meeting of Shareholders Meeting held on Tuesday, June 8, 2010, today announced the following:
As nominated by Management, the following individuals were elected to the Board for the coming year: Travis Bradford, Dan Doucette, Fred Florence, Dr. Richard Marceau, William Mayo, and Peter Williams.
Retiring from the Board is Hugo Sørensen, former President & CEO and David Merrion. Mr. Sørensen will remain on as a consultant for the remainder of the year during management transition. Mr. Merrion has been retained as a Technical Advisor to the Board of Directors.
Collins Barrow Toronto LLP was re-appointed as auditors for the fiscal year December 31, 2010.
The Shareholders re-approved the Incentive Stock Option Plan for the ensuing year.
A copy of Management's presentation is available for shareholders on Hy-Drive's website and will be available for viewing until June 22, 2010, in conjunction with the audio replay as outlined on the previously issued press release of June 3, 2010.
Board of Directors Meeting:
Immediately following the Shareholders' Meeting, the Board of Directors elected Dan Doucette as Executive Chairman of the Board. Additionally, a resolution was passed by the Board of Directors resulting in the issuance of 121,875 stock options; 87,500 of which were granted to members of the Board in connection with their 2010 approved compensation plan and 34,375 were granted to an Officer of the Company. All options granted have an exercise price of $1.00, will vest quarterly in 25% increments over a one year period with 25% vesting immediately and shall expire on June 8, 2020.
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 news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information concerning Hy-Drive's marketing and technological development efforts as a well as possible financing activities. Generally, forward-looking information 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", 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". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Hy-Drive and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include risks associated with the marketing, development and commercialization of Hy-Drive existing and prospective product lines, numerous risks associated with best efforts financing activities, including agreement on the size and terms of any offering, the ability to raise sufficient funds as well as receipt of all required regulatory and other approvals as well as those risk factors discussed in Hy-Drive's Management's Discussion and Analysis for the period ended December 31, 2009 at www.sedar.com. Although Hy-Drive has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Hy-Drive undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Nothing contained in this press release shall be deemed an offer of securities for sale in the United States, which may not be offered or sold in the United States absent registration or an exemption from registration.
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.
SOURCE HY-DRIVE TECHNOLOGIES LTD.
For further information: For further information: Fred M. Florence, COO & CFO, Hy-Drive Technologies Ltd., Tel: (905) 542-3024 ext. 257, firstname.lastname@example.org