VANCOUVER, Oct. 2, 2015 /CNW/ - HIT Technologies Inc. (the "Company") (TSXV: HIT) announced today the adoption by its board of directors of certain amendments to the Company's existing By-law No. 1 ("By-law No. 1"), which amendments include the adoption of advance notice provisions (the "Advance Notice Provisions") establishing a framework for the advance notice of nominations of directors by shareholders of the Company.
The Advance Notice Provisions are similar to the advance notice provisions adopted by many other Canadian public companies. The purpose of the Advance Notice Provisions is to ensure that all shareholders receive adequate notice of the nominations of directors to be considered at a meeting of shareholders of the Company and can thereby exercise their voting rights in an informed manner. The Advance Notice Provisions, among other things, fix a deadline by which shareholders must submit a notice of director nomination to the Company prior to any annual or special meeting of shareholders at which directors are to be elected and set forth the information that a shareholder must include in such notice. In the case of an annual meeting of shareholders of the Company, notice of director nomination must be given to the Company not less than 30 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following the notice date. In the case of a special meeting of shareholders of the Company (which is not also an annual meeting), notice of director nomination must be given to the Company not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
In addition to the Advance Notice Provisions, the board of directors of the Company has also adopted certain other amendments to By-law No. 1. These amendments include permitting the board of directors to appoint a qualified person to fill a vacancy in the Company's board caused by, among other reasons, an increase in the number of directors and clarifying that the provisions for indemnification contained in By-law No. 1 will not be deemed exclusive of any other rights to which any person seeking indemnification may be entitled.
The amendments to By-law No. 1 are effective immediately. As required by the Business Corporations Act (Ontario), shareholders of the Company will be asked to ratify and confirm the adoption of the amendments to By-law No. 1 at the next meeting of shareholders of the Company. The full text of the amendments to By-law No. 1 has been filed under the Company's profile at www.sedar.com.
About HIT Technologies Inc.
The Company develops and markets a portfolio of products for use on Apple iPhones across the globe. The Company believes that there is a significant opportunity in helping people get Ready for AdventureTM with the best camera they already have, their iPhone. HITCASE PRO allows people to create exciting photo and video content using patent pending RailslideTM mounts without the need for additional cameras or gear that get in the way of the fun. With a combination of software, professional quality lenses, patented waterproofing and mounting technologies for every conceivable activity, HITCASE PRO makes it fun and easy for users to capture and share a day at the beach, on the mountain, in the backyard or anywhere else life takes you.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Statements relating to the Company's intention to present the amendments to By-law No. 1 of the Company to shareholders of the Company for ratification and confirmation at the next meeting of shareholders of the Company constitute forward-looking information.
Such forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. In particular, the amendments to By-law No. 1 will cease to be effective if they are not presented to the shareholders of the Company for ratification and confirmation or if they are rejected by the shareholders. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. 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.
SOURCE HIT Technologies Inc
For further information: Brooks Bergreen, CEO HIT Technologies Inc., [email protected], www.hitcase.com/invest, 1-888-423-4124 Ext. 520