Company: Global Railway Industries Ltd.
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 15.2 Million
Web Site: www.globalrailway.com
LONDON, ON, May 8 /CNW/ - Global Railway Industries Ltd. - (GBI:TSX):
Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the
"Company"), a leading North American provider of railway products and services
announced today that its Board of Directors has determined that the number of
directors to be elected at the upcoming Annual Meeting shall be six, instead
of seven, as originally contemplated in the Management Information Circular.
The reduction is in response to the resignation earlier this week of Phil
Ogden from the Board, which reduced the number of candidates proposed by
Management for election, and communication from several significant
shareholders of their support of a smaller Board.
As indicated in an earlier press release, several significant
shareholders had communicated their desire to change the composition of the
Board from what had been proposed in the Management Information Circular. The
Board remains optimistic that a compromise satisfactory to those shareholders
can be reached before the Annual Meeting.
In light of the foregoing matters, the Board has waived the deadline for
the deposit of proxies in respect of the Annual Meeting.
About Global Railway Industries: Global Railway Industries Ltd. is a
diversified rail product company serving the railway industry in North
America. Global Railway is a public company whose shares are listed for
trading on the Toronto Stock Exchange (TSX) under the symbol "GBI". For more
information: visit www.globalrailway.com or www.investorfile.com.
For further information:
For further information: Company Contact: Terry McManaman, Chairman,
President & CEO, Tel: (585) 419-9720, E-mail: firstname.lastname@example.org