OTTAWA, Aug. 29 /CNW Telbec/ - ExelTech Aerospace Inc. (TSXV: XLT) is
pleased to announce the results of the Annual General and Special Meeting of
the shareholders of the Corporation held on August 28, 2007.
At the meeting, the shareholders approved the following resolutions:
- To elect Derek Nice, Russell Ray, Alain Lambert, Pierre Despars,
Pierre Racine and David Hurley to the board of directors for the
- To reappoint Deloitte & Touche LLP as auditors of the Corporation and
to authorize the directors of the Corporation to fix the auditors'
- To approve amendments to the Articles of the Corporation relating to
the number of directors authorized.
- To approve amendments to the Stock Option Plan.
- To approve a new Restricted Stock Unit Plan.
- To give approval to the Board to consolidate the Corporation's issued
and outstanding share capital on the basis of one consolidated Common
Share for a maximum of eight old Common Shares. Although there are no
immediate plans to give effect to this resolution, the shareholders'
approval provided that the exact determination, and the moment when the
consolidation is to be effected, as the case may be, shall be made by
the board of directors, in their sole discretion. If the board of
directors proceeds with the consolidation, they must do so within six
months of the date of the annual general and special meeting.
After the meeting of shareholders, the board reappointed the
Corporation's officers for the ensuing year. Pierre Racine was appointed to
the board's Audit Committee and Governance and Compensation Committee and
Alain Lambert was appointed Chair of the Governance and Compensation
Committee. No other changes to the Corporation's executive officers or board
committees were made. For further information on the board of directors, the
Corporation's officers or its board committees, please visit the website at
Derek Nice, ExelTech's President and Chief Executive Officer, concluded
the meeting by thanking the Corporation's board of directors, its executive
officers and employees for their hard work and dedication and for contributing
to the growth and success of the Corporation over the last year.
About ExelTech Aerospace, Inc.
The third largest commercial airframe Maintenance, Repair, and overhaul
(MRO) vendor in Canada, ExelTech Aerospace is listed on the TSX Venture
Exchange and trades under the symbol XLT. The company holds Transport Canada,
US Federal Aviation Administration (FAA) and European Aviation Safety Agency
(EASA) approvals to repair a wide range of aircraft, structures, components
and electrical and electronic systems. Aircraft models serviced by ExelTech
Aerospace include Bombardier CRJ, Embraer ERJ and Fokker F.100 regional jets;
ATR-42 and 72; Bombardier Dash-8 and Saab 340 regional turboprops; and Boeing
737, 757 and MD-80 narrow-body airliners.
With 230,000 square feet of hangar, shop and office space in three
facilities at Montreal and Quebec City, and with marketing offices in the US
and Europe, ExelTech Aerospace provides maintenance repair and overhaul
services to airlines in Canada, the US and 19 other countries around the
To learn more about ExelTech Aerospace Inc. (TSX Venture: XLT), please
visit our website at www.exeltech-aerospace.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy of this release.
For further information:
For further information: Elisabeth Preston, Vice President Corporate
Affairs, General Counsel and Corporate Secretary, ExelTech Aerospace Inc.,
(613) 614-4884, email@example.com