Arizona Star Responds to Pan Atlantic Bank and Trust Limited's Petition.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Star Resource Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:AZS AZS Alumina-Zirconia-Silica AZS Akademicki Zwiazek Sportowy (Polish: Academic Sports Association) AZS Automatic Zero Set AZS Azerbaijan Standard AZS Samana International Airport, Dominican Republic (airport code) ) ("the Company" or "Arizona Star") announces that it is in receipt of a Petition filed August 31, 2004, by Pan Atlantic Bank and Trust Limited ("Pan Atlantic") regarding the Company's grant of incentive stock options. Arizona Star says that there is no merit in the allegations contained in the Petition. It has reviewed the matter with legal counsel and will be opposing the application and filing responsive material in due course. The Petition alleges that the grant of 825,000 incentive stock options to directors, officers, employees and consultants of the Company on May 5, 2004 was excessive and improper
consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a to review the option grant and will provide the results of the review to the Court. The Company expects the review to be completed in approximately one week. Arizona Star believes these incentive stock options are an important part of compensation for its directors, officers, employees and consultants, and are in the best interest of the Company and its shareholders. On September 15, 2003, the Board of Directors of Arizona Star (including Pan Atlantic's nominee, Mr. Henry Fenig) unanimously approved the stock option plan contemplating the issuance of up to two million shares as incentive options to be granted to Arizona Star directors, officers, employees and consultants at the discretion of the directors. On October 23, 2003, a majority of Arizona Star shareholders (62.7%), including Pan Atlantic, approved the stock option plan. On behalf of ARIZONA STAR RESOURCE CORP. "Roger Richer" President and Director For further information on Arizona Star please email investor@arizonastar.com or visit our website at www.arizonastar.com. Arizona Star Resource Corp. trades on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol AZS. Some of the statements contained in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release. |
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