CALGARY, ALBERTA -- (Marketwired) -- 06/28/13 -- Seaway Energy Services Inc. ("Seaway" or "the Company") (TSX VENTURE: SEW) announced that Mr. Jerry Budziak has resigned as President, Chief Executive Officer and a director of Seaway. Mr Budziak was a founder of Seaway and the board of directors (the "Board") like to thank Mr. Budziak for his years of service and wish him well in his future endeavours.
The Company is pleased to announce that Mr. Kyle Stevenson, a current member of the Board, has been appointed as the President and Chief Executive Officer of the Company, in replace of Mr. Budziak. In addition, Mr. Richard Stevenson has been appointed to the Board to fill the vacancy resulting from Mr. Budziak's resignation. Mr. Richard Stevenson has 40 years of diverse senior management experience in both the utility and engineering business, including managing Construction and Operations at B.C. Hydro both domestically and internationally. Most recently Mr. Stevenson serviced as a Senior Construction Manager with SNC Lavalin on major projects in both Alberta and British Columbia.
Advanced Notice Provisions
The Company also announced that the Board has approved the adoption of an advance notice by-law (the "Advance Notice By-law"), which requires advance notice to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders other than pursuant to a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) ("ABCA") or a shareholder proposal made pursuant to the provisions of the ABCA.
Among other things, the Advance Notice By-law fixes a deadline by which shareholders must submit a notice of director nominations to the Corporation prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.
The purpose of the Advance Notice By-law is to foster a variety of interests of the shareholders and the Corporation by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice By-law is intended to provide a reasonable framework for shareholders to nominate directors and should assist in facilitating an orderly and efficient meeting process. The Advance Notice By-law is effective immediately. A copy of the Advance Notice By-law has been filed under the Corporation's SEDAR profile at www.sedar.com.
Special Meeting of Shareholders
The Board has called a special meeting of shareholders for Monday, August 12, 2013 (the "Meeting"), at which the shareholders of the Company will be asked to confirm and ratify the Advance Notice By-law.
In addition, at the Meeting, approval from the shareholders will be sought to authorize the Board to (i) amend the articles of the Company (the "Articles") to provide for a consolidation of the Common Shares on a basis of one (1) new Common Share for up to a maximum of every ten (10) old Common Shares then outstanding, or such lesser number of old Common Shares as may be approved by the Board and accepted by the TSX Venture Exchange (the "Consolidation"), and (ii) authorize the Board to amend the Articles to change the name of the Company to any such name as may be approved by the Board, and accepted by Registrar under the ABCA and the TSX Venture Exchange.
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