The Company also announces that the board of directors of the Company (the "Board") has approved and adopted By-
"We feel the Advance Notice By-Law is an important corporate governance tool that will ensure
The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies. The purpose is to foster a variety of interests of the shareholders and the Company 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 should assist in facilitating an orderly and efficient meeting process, provides shareholders, directors and management of the Company with a clear framework for nominating directors. Among other things, the Advance Notice by-Law fixes a deadline by which shareholders must submit director nominations to the Company prior to any meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however that in the event the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual 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), 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.
The Advance Notice By-Law has been approved and adopted by the Board and is effective immediately. Shareholders will be asked to ratify and confirm the Advanced Notice By-Law at the AGM. A copy of the By-Law Amendments will be provided in the Management Information Circular, which will be filed under the Company's profile at www.sedar.com.
For purposes of the AGM, in accordance with the terms of the Advance Notice By-Law, notice of nominations of persons for election to the Board at the AGM must be made by
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although
FOR FURTHER INFORMATION PLEASE CONTACT:
Sernova Corp Philip Toleikis, Ph. D. Presidentand CEO (604) 961-2939 email@example.com or firstname.lastname@example.org Sernova Corp Cathy SteinerCFO (416) 566-7870 email@example.com Ray Matthews & Associates Ray Matthews(604) 818-7778 www.raymatthews.ca Source: Sernova Corp