|By Marketwired .||
|July 22, 2014 01:53 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 07/22/14 -- CSM Systems Corp. (TSX VENTURE:CKX) ("CSM" or the "Corporation") is pleased to report on the annual and special meeting of the shareholders (the "Meeting") for the financial years ended September 30, 2011, September 30, 2012 and September 30, 2013 held on Friday, July 18, 2014 as scheduled. At the Meeting, John A. Putters, Randa Kachkar, Ronald Jackman, Wallace McNeil, Perry Kinkaide, Dwayne Ellis and Gervin Antypowich were re-elected to the Corporation's board of directors. Mr. Jackman has been appointed Chairman of the board of directors.
Further approved at the Meeting was a change of name from CSM Systems Corp. to Visionstate Corp. or such other name as the directors of the Corporation may deem appropriate. As well, the shareholders of the Corporation approved a share consolidation of the Corporation's issued and outstanding common shares on the basis of four (4) pre-consolidated common shares for one (1) post-consolidated common shares. Notwithstanding the approval of the change of name or share consolidation by the shareholders of the Corporation, the board of directors of the Corporation, without further notice or approval of the shareholders, may decide not to proceed with the change of name or share consolidation.
"We are turning a corner at Visionstate. With the successful fulfillment of the recent private placement providing a boost in capital, our focus moving forward can be on creating, as well as supplying demand through marketing and sales efforts. In the past, there has been a disassociation between the name of the public company (CSM Systems) and the operating company (Visionstate Inc). By addressing this with a name change, in combination with the share consolidation, will extend the organizations marketability, allowing Visionstate Inc and Visionstate Corp to expand together."
- John Putters, President/CEO, Visionstate Inc
In addition, the shareholders of the Corporation approved at the Meeting a resolution approving a new stock option plan in accordance with the policies of the TSX Venture Exchange. In particular, the terms of the stock option plan allow for a maximum of 10% of the issued and outstanding listed common shares of Regent to be reserved for issuance under the stock option plan, provided that no single participant be issued options representing greater than 5% of the number of outstanding common shares in any twelve month period unless Regent has obtained disinterested shareholder approval.
The Corporation also confirms that further to its press release of May 12, 2014, it is proceeding with the debt conversion whereby the Corporation will issue a total of 5,100,000 common shares of the Corporation ("Common Shares") at a deemed price of $0.05 per Common Share to settle debt in the amount of $255,000, subject to regulatory approval.
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.
CSM Systems Corp.
President & CEO
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