TORONTO, July 23 /CNW/ - Tenth Power Technologies Corp. (TSX-V:TPI) (the "Company" or "Tenth Power") announces the results of the Annual Meeting of Shareholders of the Company.
Tenth Power is pleased to announce that, at its Annual and Special Meeting of Shareholders held on July 13, 2010, the following nominees were re-elected to the Board of Directors: Guy Burry, John Whincup, Dennis Bernhard, Brian Sullivan and Ian MacVicar.
Shareholders approved the appointment of Deloitte & Touche LLP as auditors for the Company and authorized the Board of Directors to fix their remuneration.
Shareholders also approved the 2010 Stock Option Plan. Under the 2010 Stock Option Plan, a maximum of 10% of the issued and outstanding common shares of the Company will be reserved for options to be granted at the discretion of the Board of Directors. The Plan will now be filed with the TSX Venture Exchange for approval prior to the granting of any options.
The issuance of shares for debt previously announced on May 12, 2010 received approval from a majority of disinterested shareholders.
A majority of disinterested shareholders approved the potential increase of holdings by a Company controlled by a Director of Tenth Power, to over 20% of the issued and outstanding shares of the Company.
At the meeting of the Board of Directors held immediately following the Annual Meeting of Shareholders, it was announced that Rick Lambrick who had held the position of President and CEO of Tenth Power had submitted his resignation to the Board. Mr. Lambrick advised the Board that he had completed the mandate under which he had accepted the position and, in his opinion, it was in the best interest of the Company that the position be held by someone who could help drive the Company forward and increase its profitability. The Board of Directors accepted Mr. Lambrick's resignation and thanked him for his service to the Company. They wished him success in his future endeavors.
The appointment of officers followed. Guy Burry was appointed Chair of the Board, CEO and President; Dennis Bernhard was appointed V.P. of Business Development; and Simon Meredith was appointed CFO. Each was appointed to hold office for the ensuing year or until a successor is duly elected or appointed by the Board.
The Audit Committee for the ensuing year is comprised of Ian MacVicar, Chair; Brian Sullivan; Dennis Bernhard; John Whincup; and Guy Burry.
The Human Resources Compensation Committee for the ensuing year is comprised of Brian Sullivan, Chair; Dennis Bernhard; and Guy Burry.
ABOUT TENTH POWER TECHNOLOGIES CORP.
Tenth Power Technologies Corporation (TPTC) supplies secure business solutions to clients in the telecommunications, financial services, manufacturing, government and health care sectors. TPTC augments proprietary software with product licensing and strategic acquisition of industry-leading services, to design solutions that safeguard information and electronic communications. The suite of products includes identity and signature validation, internet security, safe communication platforms and a secured collaboration environment. TPTC also provides IT security consulting and managed services.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Tenth Power Technologies Corp.
For further information: For further information: Maureen Espin, Tenth Power Technologies Corp., Tel: 905-948-9229 x177