Lakeside Steel Reports Results of Annual and Special Meeting of Shareholders and Issues Stock Options
08 9월 2011 - 10:28AM
PR Newswire (Canada)
WELLAND, ON, Sept. 7, 2011 /CNW/ -- WELLAND, ON, Sept. 7, 2011
/CNW/ - Lakeside Steel Inc. (TSXV: LS) ("Lakeside Steel" or the
"Company") announced the re-election, at its annual and special
meeting of shareholders held today, of Vic Alboini (Chairman), Ron
Bedard, Norm Findlay, Bill Grant and Wes Roitman to the Company's
board of directors. In a move that further enhances board
independence, improves corporate governance and adds expertise to
the board of directors, shareholders today also elected Tony Meti
and Bob Milbourne as new independent directors. Lakeside Steel's
Board of Directors currently has seven members. Lakeside Steel's
shareholders reappointed Grant Thornton LLP to serve as the
Company's auditors. Shareholders also re-approved the Company's
Stock Option Plan and Employee Share Purchase Plan. For additional
details about these resolutions, please refer to the Company's
information circular prepared in connection with this meeting. The
Company also announced that, subject to receipt of required
regulatory approvals, it granted stock options under its 10 per
cent rolling Stock Option Plan to two new directors and an officer
of the Company to purchase in the aggregate up to 1,300,000 common
shares (the "Stock Options") in the capital of the Company. The
exercise price of the Stock Options is $0.34 per share. The Stock
Options expire September 6, 2021. Ten percent of the Stock Options
issued to the directors vest immediately with the balance vesting
as to fifteen percent every six months thereafter, subject to the
terms and conditions of the Company's Stock Option Plan. The stock
options issued to the officer vest as to one third on each of July
17, 2012, July 17, 2013 and July 17, 2014. About Lakeside Steel
Inc. Lakeside is a 2011 TSX Venture Exchange 50 company and the
parent company of Lakeside Steel Corporation, Lakeside Steel
Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating
facilities located in Welland, Ontario, and Corpus Christi, Texas,
and three facilities currently being constructed in Thomasville,
Alabama. Lakeside is a diversified steel pipe and tubing
manufacturer with a focus on manufacturing and upgrading Oil
Country Tubular Goods. Lakeside's list of customers includes large
oil and gas end users as well as distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe
manufacturer with end-finishing and heat treat capabilities
strategically situated in the southern United States on successful
completion of construction of the new facilities in Thomasville,
Alabama. Construction of the Alabama facilities is currently
underway. 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, Annual Information Form 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 was recognized as a TSX Venture
50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX
Inc. and is used under license. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/07/c9374.html
table tr valign="top" td align="left" bRon Bedard /bbr/
President and Chief Operating Officerbr/ Lakeside Steel Inc.br/
FAX: (905)735-9069br/ e-mail: a
href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a
/td td /td td valign="top" align="left" bKen
Hunter /bbr/ Chief Financial Officerbr/ Lakeside Steel Incbr/
FAX: (905)735-9069br/ e-mail: a
href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a
/td /tr /table p /p
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