Welcome!

News Feed Item

Banro Reports Strong Support From Shareholders for Management's Director Nominees at Upcoming Annual and Special Meeting on June 27, 2014

Shareholders are asked to vote BLUE proxy before 4:00 p.m. (Toronto time) on Wednesday, June 25, 2014

TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Banro Corporation ("Banro" or the "Company" or "we") (NYSE MKT: BAA)(TSX: BAA) is encouraged to have received strong support from shareholders as well as ISS and Glass Lewis (independent international corporate governance analysis and proxy voting firms) thus far, and asks shareholders that have yet to vote to support management's director nominees to enable the current Board to continue to build the Company and create value for shareholders. Shareholders who have not yet voted should vote their BLUE proxy no later than 4:00 p.m. (Toronto time) on Wednesday, June 25, 2014.

It is important that Banro shareholders understand:


--  This dissident group, with only 1000 shares in their pocket (non-voting
    since they were purchased after the record date), is opportunistically
    trying to steal your company after the hard work in building two mines
    has all been done and Banro has turned the corner leading to full
    production,
--  This dissident group is attempting to convince shareholders to give them
    the power to potentially destroy what Banro has built over the past 20
    years,
--  This dissident group is lacking a financial plan, lacking operations
    expertise and lacking credibility,
--  Various individuals in this dissident group have a string of failed
    ventures, cease trade orders and a bankruptcy in their recent past, as
    we have detailed in a previous press release.

It is also important that Banro shareholders understand:


--  Banro, in conjunction with our larger shareholders, has been working on
    strengthening our balance sheet, a process which has been interrupted by
    this dissident attack,
--  Banro's Namoya mine is in hot commissioning right now and ramping up,
--  Banro's Twangiza mine is reaping the benefits of the expansion program
    carried out throughout 2013 and earlier in 2014,
--  Banro's proposed board has credible mining experience, credible gold
    mining experience globally and credible gold mining experience in the
    DRC.

Banro reminds shareholders to support the Company's director nominees at the upcoming meeting in order to put a stop to the disruptive, opportunistic actions of the dissident, Liberty Street Capital Corp. ("Liberty Street").

We have listened to our shareholders and in response, have made great strides in our corporate governance, including undertaking a rigorous board renewal process that resulted in the recent appointment of three new independent directors and an independent chairman. The two leading independent proxy advisory firms - Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC - have recognized our commitment to improvement and have recommended that shareholders vote FOR all of Banro's director nominees on the BLUE proxy.

As you prepare to cast your vote, Banro urges you to not let the dissidents threaten your investment and the Company's future. Do not hand control of Banro to a group of opportunistic dissidents with no defined strategy, limited experience and who own just 1,000 shares. We look forward to your support for Banro's director nominees and urge you to vote only your BLUE proxy prior to the proxy voting deadline of Wednesday, June 25, 2014 at 4:00 p.m. (Toronto time).

We want to remind you of the key reasons you should vote for Banro's director nominees:


1.  Banro has succeeded in building Twangiza, the first new commercial gold
    mine in the Democratic Republic of the Congo ("the DRC") in over 50
    years, and is now commissioning its second mine, Namoya, moving the
    company towards becoming a mid-tier gold producer - all of this in one
    of the most challenging regions of Africa and a declining commodity
    market.
2.  The Board and management remain focused on gold production from the
    Twangiza and Namoya mines, with longer term objectives that include the
    development of two additional major, wholly-owned gold projects,
    Lugushwa and Kamituga.
3.  Banro is reaching a milestone in its history where it will be able to
    reap the benefits afforded to a multi-mine company.
4.  The Board and management have engaged with shareholders and responded to
    concerns by refreshing the Board, adding three new independent directors
    over the past year: Richard Brissenden, Matthys Terblanche and Derrick
    Weyrauch. The Board has also appointed Richard Brissenden as Chairman to
    provide new and independent leadership, established a fully independent
    Nominating Committee and has had a number of incumbent directors resign
    from outside directorships to devote even more time to Banro.
5.  The development and reorganization of our management team and Board over
    the last year has provided Banro with a team of highly qualified
    industry professionals with extensive gold experience as well as a track
    record of successful operations and government relationships in the DRC.

ATTENTION BANRO SHAREHOLDERS

- Vote your BLUE proxy today to ensure the Company stays on track -

We urge you - our valued shareholders - to protect your investment and reject Liberty Street's attempt to take control of your company.

Regardless of how many shares you own, your vote is important in order to send a message to Liberty Street that you support the current Board and the Company's bright future. It is crucial that you vote your BLUE proxy today. If you have already voted, you can still change your vote, simply by voting your BLUE proxy today. Your later dated BLUE proxy will replace any prior dated green proxy you may have voted and will count.

Your support is critical to delivering on our plans and we ask you to support all resolutions at the meeting. If you have any questions or need assistance in voting your proxy, please contact our proxy solicitor, Kingsdale Shareholder Services.

For further information contact:

Kingsdale Shareholder Services; toll free in North America (1-866-851-3214) or call collect outside North America at 416-867-2272 or via email: [email protected].

Banro Corporation is a Canadian gold mining company focused on production from the Twangiza mine, which began commercial production September 1, 2012, and completion of its second gold mine at Namoya, located approximately 200 kilometres southwest of the Twangiza gold mine. The Company's longer term objectives include the development of two additional major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining license, are located along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, the initial focus of the Company is on the mining of oxide material, which has a low capital intensity to develop but also attracts a lower technical and financial risk to the Company. All business activities are followed in a socially and environmentally responsible manner.

For further Banro information, please visit www.banro.com, or follow the Company on Twitter @banrocorp.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of future gold production (including the timing thereof), and the Company's development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the economic studies of the Company's projects; failure to establish estimated mineral resources and mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurance can be given that the intended levels of gold will be produced); fluctuations in gold prices and currency exchange rates; inflation; gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production) or less than those expected following the expansion of the Twangiza plant; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; political developments in the DRC; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company's activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 29, 2014 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Pentaho has announced orchestration capabilities that streamline the entire machine learning workflow and enable teams of data scientists, engineers and analysts to train, tune, test and deploy predictive models. Pentaho’s Data Integration and analytics platform ends the ‘gridlock’ associated with machine learning by enabling smooth team collaboration, maximizing limited data science resources and putting predictive models to work on big data faster – regardless of use case, industry, or languag...