WELLAND, ON, July 29 /CNW/ - Lakeside Steel Inc. ("Lakeside Steel") (TSX-V: LS) announced today that it is seeking regulatory and disinterested shareholder approval to issue an aggregate of 1,100,000 common shares (the "Common Shares") to seven senior employees as retention and incentive bonuses. The Common Shares will be issued in increments over a two-year period and are subject to receiving all necessary approvals and will be subject to certain conditions.
For more information, please refer to Lakeside Steel's Management Information Circular which is expected to be mailed and filed on SEDAR during the second week of August, 2010, for Lakeside Steel's Annual and Special meeting of shareholders currently scheduled to be held on September 8, 2010.
About Lakeside Steel Inc.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation ("Lakeside"). Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern Canada and the Northeastern United States. Lakeside manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada and the United States.
This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Lakeside Steel was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
SOURCE LAKESIDE STEEL INC.
For further information: For further information: Ron Bedard, President & Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext. 7294, Fax: (905) 735-8896, e-mail: firstname.lastname@example.org; Ken Hunter, Chief Financial Officer, Lakeside Steel Inc., (905) 735-7473 ext. 7218, Fax: (905) 735-9069, e-mail: email@example.com