BURNABY, BC, Jan. 7, 2016 /CNW/ - IWG Technologies, Inc. ("IWG" or the "Company") is pleased to announce the approval by its board of directors of an advance notice policy (the "Advance Notice Policy") regarding director nominations, as described below.
The purpose of the Advance Notice Policy is to provide a clear process for the shareholders, directors and management to follow when nominating directors of the Company. Such a policy will ensure that shareholders receive adequate notice of director nominations and sufficient information regarding all director nominees and will allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The Advance Notice Policy, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company. This policy also sets a deadline by which director nominations must be submitted to the Company prior to any annual meeting of the shareholders or at any special meeting of the shareholders at which directors are to be elected and also sets out the required information that must be included in the notice to the Company. No person will be eligible for election as a director of the Company unless nominated in accordance with the Advance Notice Policy.
In the case of an annual meeting of the shareholders, notice to the Company must be made not less than 35 days and not more than 65 days prior to the date of the annual meeting. If the annual meeting is being held on a date that is less than 50 days following the date on which the first public announcement of the meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors, notice to the Company must be made 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. Notwithstanding the foregoing, the board of directors may, in its sole discretion, waive any requirement of the Advance Notice Policy.
The Advance Notice Policy is now in effect and will apply in connection with the Company's next annual general meeting (the "Shareholders' Meeting"). The Company intends to seek shareholder approval and ratification of the Advance Notice Policy at the Shareholders' Meeting. If the Advance Notice Policy is not ratified by ordinary resolution of IWG's shareholders at the Shareholders' Meeting, then it will terminate and be void and of no further force or effect following the termination of the Shareholders' Meeting.
A full description of the Advance Notice Policy will be contained in the information circular to be prepared for the Shareholders' Meeting and mailed to the Company's shareholders. A copy of the Advance Notice Policy is available on SEDAR under the Company's profile at www.sedar.com.
IWG Technologies, Inc. is the public holding company for International Water-Guard Industries Inc., a Canadian aerospace company focused on aircraft potable water treatment, water systems, water heaters and components. IWG has expertise in all aspects of water treatment, has the products and know-how to provide high quality water for passengers and crew, and lightweight, space-saving solutions for the aircraft operator.
On behalf of the Board of Directors
IWG Technologies Inc.
"Bruce W. Gowan"
Chair of the Board
This news release contains certain forward-looking statements that reflect the current views and/ or expectations of IWG with respect to its performance, business and future events including statements with respect to completion of proposed or future transactions. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. IWG assumes no future obligation to update these forward looking statements except as required by applicable securities laws.
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TSX VENTURE: IWG
SOURCE IWG Technologies Inc.
For further information: IWG Technologies, Inc., Unit One - 3771 North Fraser Way, Burnaby, BC V5J 5G5, Canada, Tel: (604) 255-5555, Fax: (604) 255-5685, www.iwgtech.com; Investor Relations: The Howard Group Inc., Jeff Walker / Grant Howard, Toll Free: 1-888-221-0915, [email protected], www.howardgroupinc.com