Sep 18, 2019, 16:04 ET
TORONTO, Sept. 18, 2019 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company" or "Baylin").
At the Company's annual general meeting of shareholders held on May 15, 2019, Mr. David Gelerman, who was standing for election as a director, received 8,077,196 "for" votes (29.13%) and 19,650,127 "withhold" votes (70.87%). The Company's Majority Voting Policy, which is a listing requirement of the Toronto Stock Exchange (the "TSX"), requires a director who receives more "withhold" votes than "for" votes in the election of directors to immediately tender his or her resignation as a director.
Notwithstanding the results of the vote and the provisions of the Company's Majority Voting Policy and the rules of the TSX, Mr. Gelerman has not tendered his resignation. Both parties have now filed applications with the Ontario Superior Court of Justice (Commercial List) to seek resolution of the matter. A hearing has been set for the end of October 2019.
Mr. Gelerman remains a director of the Company until such time as he tenders his resignation, whether voluntarily or by court order, is removed as a director by shareholders or is not re-elected at the next annual general meeting of the Company.
Baylin (TSX: BYL) is a diversified leading global wireless technology management company. Baylin focuses on research, design, development, manufacturing and sales of passive and active RF products and services. We aspire to exceed our customers' needs and anticipate the direction of the market.
SOURCE Baylin Technologies Inc.
For further information: Investor Relations: Kelly Myles, Marketing and Communications Director, Baylin Technologies Inc., [email protected]
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