BURLINGTON, ON, Jan. 26, 2015 /CNW/ - EcoSynthetix
Inc. (TSX:ECO) ("EcoSynthetix" or the "Company"), a
renewable chemicals company that produces a family of commercially
proven bio-based products, announces the adoption by its Board of
Directors (the "Board") of amendments to its by-laws to add a
provision that requires advance notice to the Company for director
nominations. This provision would apply in circumstances where
director nominations are made by shareholders of the Company, other
than in connection with (i) the requisition of a shareholders'
meeting, or (ii) a shareholder proposal, in each case made pursuant
to the Business Corporations Act (the "Advance Notice By-Law").
Among other things, the Advance Notice By-Law fixes a deadline
by which holders of record of common shares of the Company must
submit director nominations to the Company prior to any annual or
special meeting of shareholders and sets forth the information that
a shareholder must include in the notice to the Company.
In the case of an annual meeting of shareholders, notice to the
Company must be given not less than 30 days prior to the date of
the annual meeting. In the event that the annual meeting is to be
held on a date that is less than 50 days after the date on which
the first public announcement of the date of the annual meeting was
made, notice may be given 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) called for the purpose of electing
directors (whether or not called for other purposes), notice to the
Company must be given 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 provides a clear process for
shareholders to follow for director nominations and sets out a
reasonable time frame for nominee submissions and the provision of
accompanying information. The purpose of the Advance Notice By-Law
is to treat all shareholders fairly by ensuring that all
shareholders 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.
The Advance Notice By-Law is in full force and effect as of
January 26, 2015 and is subject to
ratification and confirmation by the shareholders of the Company at
its next annual meeting of shareholders. A copy of the Advance
Notice By-Law has been filed under the Company's SEDAR profile at
www.sedar.com.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals
company specializing in bio-based products that can be used as
inputs in industrial manufacturing for a wide range of consumer
products. The Company's products offer a reduced carbon footprint
and are marketed primarily on the basis of lower cost, stable
pricing and equal or superior performance. EcoSynthetix's lead
product, EcoSphere® biolatex® binders, is
used commercially by a number of the global top 20 manufacturers in
the coated paper and paperboard industry.
Forward Looking Statements
Certain statements in this Press Release
constitute "forward looking" statements that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance, objectives or achievements of the
Company, or industry results, to be materially different from any
future results, performance, objectives or achievements expressed
or implied by such forward looking statements. These statements
reflect our current views regarding future events and operating
performance and are based on information currently available to us,
and speak only as of the date of this Press Release. These forward
looking statements involve a number of risks, uncertainties and
assumptions and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such performance or results will be
achieved. Those assumptions and risks include, but are not limited
to, the fact that our results of operations and business outlook
are subject to significant risk, volatility and uncertainty. Many
factors could cause our actual results, performance or achievements
to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward
looking statements, including the factors identified in the "Risk
Factors" section of the Company's Annual Information Form dated
March 28, 2013. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward looking statements prove incorrect, actual
results may vary materially from those described in this Press
Release as intended, planned, anticipated, believed, estimated or
expected. Unless required by applicable securities law, we do not
intend and do not assume any obligation to update these forward
looking statements.
SOURCE EcoSynthetix Inc.