OTTAWA, May 18, 2012 /CNW/ - Bruce Mitchell announced today that he has entered into a support agreement with Toronto-based VC & Co. Incorporated ("VC & Co.") whereby he has agreed to support the efforts of VC & Co. to reconstitute the board of directors of Cathay Forest Products Corp. ("Cathay") with new directors that will act in the best interests of Cathay and all its shareholders and other stakeholders. Pursuant to the support agreement, Mr. Mitchell has agreed to vote all of the common shares of Cathay owned and controlled by him in favour of the removal of Cathay's remaining directors and for the election of a new slate of directors at a meeting of Cathay's shareholders that VC & Co. will seek to cause to be held as soon as possible.
Mr. Mitchell owns and controls 19,335,095 common shares of Cathay, representing approximately 14.0% of the outstanding common shares of Cathay. The common shares of Cathay are held by Mr. Mitchell for investment purposes.
VC & Co. and its principals provide strategic and other advice to investors in undervalued, underperforming or mismanaged Canadian public and private companies and in other special situations.
For further information:
or a copy of the report filed under National Instrument 62-103, please contact:
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