VANCOUVER, Dec. 15, 2015 /CNW/ - Finavera Solar Energy Inc. ('Finavera Solar Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to announce the results of its Annual General Meeting today. The following briefly describes the matters voted upon and the outcome of the votes at the annual and special meeting of the shareholders of the Company held on December 15, 2015 in Vancouver, British Columbia:
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(i)
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the shareholders voted in favour of appointing the nominees set forth in the Company's information circular of Jason Bak, David Lamont, Ken Stadlin and Michael Clark to serve as Directors of the Company for the ensuing year;
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(ii)
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KPMG LLP was reappointed as auditors of the Company; and,
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(iii)
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the Company's rolling 10% stock option plan was approved.
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All resolutions were approved with 93% to 98% in favour.
The Company also announces it has issued 2.7 million stock options to various directors, officers and consultants of the Company. The options have a term of 5 years and were issued at a price of $0.07 per share. The options were granted under the Company's Stock Option Plan and are part of the Company's long term incentive/retention plan for employees.
The option issuance is subject to the approval of the TSX Venture Exchange.
Jason Bak, CEO
Finavera Solar Energy
+1 (604) 288-9051
info@finavera.com
About Finavera Solar Energy Inc. (www.finavera.com)
Finavera is focusing its renewable energy development efforts on residential and utility scale solar projects in America. Through its subsidiary, Solar Alliance of America, Finavera's mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers.
About Solar Alliance Of America Inc. (www.solarallianceofamerica.com)
Located in San Diego, California, Solar Alliance is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue and was ranked #49 on Inc. magazine's Top 500 list of America's Fastest Growing Private Companies, making it #2 in the San Diego Area and #9 on the list of Top 100 California companies. In 2012, Solar Alliance was rated #45 on the Top 500 list. From its inception in 2009, Solar Alliance has installed more than 2,000 residential solar systems in southern California.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking 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."
SOURCE Finavera Solar Energy, Inc.
Jason Bak, CEO, Finavera Solar Energy, +1 (604) 288-9051, info@finavera.comCopyright CNW Group 2015