ATLANTA, Sept. 24, 2014 /PRNewswire/ -- American
Senior Association, OTC-Pink: AMSA, held a shareholder's
meeting in Atlanta, Georgia
yesterday. A quorum representing over sixty seven million shares
was present in person or via proxy.
AMSA's former officer Mr. Ryan and his counsel, and all
shareholders, were afforded copies of the Notice of Calling of
Shareholder's Meeting and Proxy. The only input they sought was
that the meeting be held in Atlanta. The meeting was held in Atlanta. They were afforded the opportunity to
object prior to the meeting, and they raised no objections at
that time.
The meeting began, and counsel for the current Board of
Directors John Higginbotham,
Loretta Higgins and Carlos Ryerson, Mr. Ronald Kaufman, held proxies and various
shareholders were present whereas there was a quorum of over
sixty-seven million shares.
Mr. Ryan's counsel and other parties, including third parties,
who were not shareholder made demand for records concerning early
shareholders meetings, demands regarding certain shareholders
issuances and other matter unrelated to the election of
directors.
Mr. Kaufman stated that he was there for the sole purpose of the
election of the board of directors and asked for all parties who
wished to vote come forth and be heard.
The Special Shareholders meeting was held for the exclusive
purpose of electing Directors to the Board of Directors. The past
Director Mr. Randy Nichol's
attempted to adjourn or "table the meeting" claiming that he had
the majority of the shares present in person as the proxies did not
allow for a vote on any matter other the electing the Directors.
However Mr. Nichol's was unable to show a support of a majority of
the shares present for the Quorum. Thus, Mr. Nichol's Motion was
denied.
At that point those apparently opposed to the election of the
three directors left the board meeting declaring victory. Mr.
Kaufman asked Mr. Ryan's counsel if she was going to sit down and
count the votes, she said no and left.
Mr. Ryan's counsel has objected to the meeting on the grounds
that the proxies were illegal and lacked the grounds by which to
call a shareholders meeting.
However, Mr. Ryan and his counsel had the opportunity to object
or comment on the Proxies and Notice of Special Shareholder's
Meeting. No objection was made until after a quorum was determined
for the purpose of voting on the election of directors.
Mr. Kaufman, after determining there was a quorum, counted the
votes. The following are the results of the election of the New
Board of Directors of AMSA:
|
Voting in Favor of
Randy Nichol's or abstaining:
|
21,188,179
|
|
|
|
Voting in Favor of
the three new directors
Higginbotham, Higgins and Ryerson:
|
46,190,299
|
|
|
|
Total of Votes
Representing Quorum:
|
67,378,468
|
Therefore, Higginbotham, Higgins and Ryerson are hereby elected
as the new Board of Directors.
FORWARD-LOOKING STATEMENTS
The information in this
news release includes certain forward-looking statements that are
based upon assumptions that in the future may prove not to have
been accurate and are subject to significant risks and
uncertainties, including statements related to the future financial
performance of the Company. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be
correct. Factors that could cause results to differ include,
but are not limited to, successful execution of growth strategies,
product development and acceptance, the impact of competitive
services and pricing, general economic conditions, and other risks
and uncertainties described in the Company's periodic filings with
the OTC Markets.
SOURCE American Senior Association