AccelRate Reports on Annual and Special General Meeting |
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AccelRate Power Systems, Inc.
1140 West Pender Street, Suite 1370
Vancouver, V6E 4G1
Canada
Press release date: September 19, 2008
Vancouver, B.C. - September 19, 2008 - AccelRate Power Systems Inc. (the "Company") is pleased to report that all motions proposed to shareholders at its 2008 annual and special general meeting held September 15, 2008 were passed. Accordingly, in addition to re-appointing Ernst & Young as auditors and electing management's slate to the board of directors, the shareholders of the Company approved a consolidation of the Company's share capital on a 5:1 basis. The consolidation ratio may be decreased to 4:1 or less at the discretion of the directors. The Company does not propose to change its name. The consolidation will become effective on a date to be determined in consultation with the TSX Venture Exchange.
The Company currently has an aggregate of 28,799,169 common shares outstanding. After giving effect to a 5:1 consolidation, it expects to have approximately 5,759,834 shares outstanding. Completion of the share consolidation is subject to acceptance by the TSX Venture Exchange.
The Company also reports that it has commenced legal action in the Supreme Court of British Columbia against Pierre Gadbois, formerly Vice-President of the Company, Elaine Janet Gadbois (Mr. Gadbois' wife), and CBH Technologies Ltd., a company controlled by them, claiming, among other things, for an injunction to prevent them from competing with the Company, the return of Company property and damages for breaches of contractual, statutory and fiduciary obligations owed to the Company. The subject claims arise from actions of the defendants while Mr. Gadbois was Vice-President and an employee of the Company. The full particulars of the claim are on file at the Vancouver Registry of the Supreme Court of British Columbia. None of the defendants has filed an Appearance or Statement of Defence, but the time for doing that has not yet expired. The Company will announce further developments in the case as they arise.
AccelRate Power Systems is headquartered in Vancouver, BC. AccelRate's shares trade on the TSX Venture Exchange (symbol APS), and on the Frankfurt Exchange (symbol KCG).
ACCELRATE POWER SYSTEMS INC. "Reimar Koch" President and CEO Reimar Koch (604) 688-8656 Email: info@accelrate.com Website: www.accelrate.com
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