TMCnet News
Thermal Energy Provides Update to Shareholders(Canada Newswire English Via Acquire Media NewsEdge) Attention Business/Financial Editors OTTAWA, Dec. 1 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") is pleased to report that the resolutions as presented in the Management Information Circular of October 16, 2008 were approved by shareholders at the Company's Annual and Special Meeting on November 25, 2008. These resolutions are as follows: Appointment of Auditors: Shareholders approved a resolution to re-appoint Raymond ChabotGrant Thornton, Chartered Accountants, General Partnership, as the Auditors of the Corporation for a period of one year with remuneration to be fixed by the Corporation's Board of Directors. Election of Directors: Shareholders approved a resolution re-electing Tim K. Angus, Michael Williams, John B. Kelly, John R. Parker, Clint Sharples, R. James Ansell and Bill Crossland, as the seven (7) directors of the Corporation to hold office until the close of the next annual meeting of shareholders or until their successors are duly elected or appointed. Subsequent to the meeting, Mr. Parker was re-appointed Chairman of the Board of Directors. Approval of Amendment to Stock Option Plan: Shareholders approved the resolution amending the Corporation's Stock Option Plan as detailed in the Management Information Circular. To become effective, the amendment required approval by a majority of the votes cast at the meeting by "disinterested shareholders". The policies of the TSX Venture Exchange define "disinterested shareholders" as all shareholders other than "insiders" to whom options may be granted under the Plan and "associates" of insiders. Disinterested shareholders voted 69.19% in favour of the amendment. The Company also wishes to update shareholders regarding a release issued by the Company on June 3, 2008. In that release, the Company announced that it had entered into an agreement with a major North American integrated paper company for the development and delivery of a green energy supply agreement worth in excess of $20 million. Subsequent to the issuance of that release, the proposed project subject to the agreement in principle, has been scaled back due to a number of changes at the client's site in their process and operations. While the Company still anticipates this project proceeding, the size and value of the project currently under negotiation has been reduced by approximately 50%. This is still seen as an excellent project and would represent Thermal Energy's largest waste heat recovery project. A proposed project with a different customer, identified in a news release dated April 23, 2008 is also still expected to proceed with the scope as detailed in that release. NOTE: This press release may contain forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections. Such statements including those about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated. The Company disclaims any obligation to publicly update or revise any such statements, except as required by applicable securities laws. About Thermal Energy Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, TEI is a designer, design build developer, fabricator, owner, operator and supplier of proprietary and patented energy conservation, renewable energy and environmental technology solutions. Thermal Energy is a fully accredited professional engineering firm, and offers advanced process and applications engineering services. The Company is a proud member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), DRY-REX(TM), THERMALONOx(TM) and THERMALOZOMAx(TM), THERMAL AUD(TM) and GEM(R) are trademarks of Thermal Energy International. For more information about Thermal Energy International Inc. (TSX-V: TMG), visit our website at www.thermalenergy.com. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Tim Angus, President and CEO, (613) 723-6776; Stuart McCarthy, Director, Marketing and Communications, (613) 723-6776, x 220, [email protected] Copyright ? 2008 Canada Newswire Ltd. All Rights Reserved. |