CALGARY, May 1, 2015 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX)
MATRRIX announced today that its Board of Directors has adopted By-Law No. 2 of the Corporation (the "Advance Notice By-Law") the purpose of which is to require advance notice to be provided to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Business Corporations Act (Alberta); or (ii) a shareholder proposal made pursuant to the provisions of that Act.
The purpose of the Advance Notice Bylaw is to provide shareholders, directors and management of the Corporation with a clear framework for nominating directors. Among other things, the Advance Notice Bylaw fixes a deadline by which shareholders of the Corporation must submit nominations to the Corporation before any annual or special meeting of the shareholders and sets forth the minimum information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form.
In the case of an annual meeting of the shareholders of the Corporation, notice to the Corporation must be made not less than 30 days and no more than 65 days before the date of the annual meeting; provided, however, 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 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 Corporation 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 amended by-laws, which includes the Advance Notice Bylaw, are effective immediately and will be placed before shareholders for ratification at the next meeting of shareholders of the Corporation. A copy of the Advance Notice By-Law can be viewed at www.sedar.com.
FORWARD-LOOKING INFORMATION
This press release contains certain statements or disclosures relating to MATRRIX that are based on the expectations of MATRRIX as well as assumptions made by and information currently available to MATRRIX which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the ratification of the Advance Notice Bylaw by shareholders at the next meeting of shareholders (the "Meeting"). There is a risk that the Company's shareholders do not confirm and ratify the Advance Notice Bylaw at the Meeting or that the Advance Notice Bylaw not be accepted by applicable regulatory authorities. Should the Advance Notice Bylaw not be confirmed and ratified by the Company's shareholders, then it will terminate and be of no further force or effect following termination of the Meeting. MATRRIX disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
ABOUT MATRRIX
MATRRIX provides horizontal and directional drilling services in for the oil and gas industry in western Canada and vertical well monitoring and performance drilling services for the oil and gas industry in the Permian basin in the United States.
Neither the 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.
SOURCE MATRRIX Energy Technologies Inc.
Richard Ryan, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: (403) 984-5062Copyright CNW Group 2015