|By Marketwired .||
|August 27, 2014 06:33 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/27/14 -- Jetcom Inc. (the "Company") held an annual and special meeting of shareholders on August 26, 2014.
Since the Company was required to have its annual meeting, to save costs, it was decided to also seek approval for certain special business. At the meeting:
a. The incumbent board and auditor were re-elected. b. The existing stock option plan was re-approved. c. By-Law No. 3 was confirmed, changing the Company's general by-law to (a) require a minimum of 25% resident Canadian directors (instead of a majority); and (b) to add a provision for advance notice of proposed nominations to the board of directors. d. Special resolutions were passed to approve consolidation of the existing common shares on a one new share for sixty old shares basis, or such lesser consolidation as the board may in its discretion approve; to create a new class of shares having collectively 2x the voting rights of the common shares and deleting the existing unused class of preference shares; and to permit the Company to change its name. None of these resolutions have been implemented yet. Each special resolution may be revoked by the board before acted upon. e. Discussion was held concerning a potential transaction with CVeT Power Corp. ("CVeT") that the Company is contemplating, as disclosed in the Company's Management Information Circular. In advance of final negotiations with CVeT, shareholders were asked to approve and approved Jetcom entering into agreement with CVeT wherein up to 96,000,000 post- consolidation shares are to be issued to security holders of CVeT, or on no worse terms to Jetcom. It is contemplated that the transaction would take place by way of a three-cornered amalgamation, which may strictly require no Jetcom shareholder approval. Approval was sought and obtained in any event. Notes: if completed, the proposed transaction with CVeT would be an arms-length transaction to Jetcom; and would in effect constitute a reverse-take over by shareholders of CVeT. f. Arms length debt settlement of $42,500 for 1,500,000 post-consolidation shares and non-arms length debt settlement of $42,500 for 1,500,000 post-consolidation shares were approved. Majority of minority approvals was obtained as required. g. Shareholders ratified past acts of the Company.
No securities regulator, stock exchange, or regulation services provider accepts responsibility for the adequacy or accuracy of this release.
A. G. Dragone
(416) 946-1456 (FAX)
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