All resolutions approved at AlgaeBio's Annual Shareholders Meeting

October 20, 2011 12:45 PM EDT | Source: Algae Biosciences Corporation

Vancouver, British Columbia--(October 20, 2011) -  

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Algae Biosciences Corporation (TSXV: ABV) is pleased to announce that its shareholders have approved all resolutions at the Annual Shareholders' Meeting in Calgary, Alberta, Canada on Wednesday, Oct. 19, 2011. The following resolutions were approved:

  • Appointment of Hein & Associates, Certified Public Accountants and Advisors, as Auditors of the Company for the year ending Sept. 30, 2012;

  • Re-election of five members of the Board of Directors to serve until the next Annual Shareholders Meeting;

  • Amendment of the Corporation's existing stock option plan (the "Option Plan") to change the Option Plan from a "rolling" ten per cent (10%) plan to a fixed maximum-number plan, whereby options constituting 12-and-a-half per cent (12.5%) of the Corporation's issued and outstanding Common Shares will be available for issuance. The Corporation now has 8,510,280 Common Shares authorized for issuance;

  • Amendment of the Corporation's articles of incorporation to allow for meetings of Shareholders to be held outside of the Province of Alberta;

  • Amendment of the Corporation's by-laws to allow for meetings of Shareholders to be held outside of the Province of Alberta.

Approximately 22 million votes were represented and cast by proxy and in person at the meeting.

-30-

ABOUT ALGAE BIOSCIENCES CORPORATION: AlgaeBio is a Canadian biotechnology company that researches, develops, and manufactures ultra-pure products from micro and macro algae such as nutraceuticals, food additives, and pharmaceuticals. With access to near-perfect algae growing conditions, exclusive aquaculture access to a pristine brine water supply, and advanced proprietary technology, AlgaeBio produces superior human and animal consumable products, as well as offering advanced algae-based products and technologies for distribution into the agribusiness, biofuel, and aquaculture markets. AlgaeBio owns and operates large-scale production facilities near Holbrook, Ariz., and is listed on the TSX Venture Exchange (TSX.V:ABV).

For more information:

Todd Kimberley
Director of Media Relations
Algae Biosciences
Phone: 403.815.2752
E-mail: t.kimberley@algaebio.com

The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 the content of this release.

info