Asia Pacific Wire & Cable Announces Adjournment of Its Annual General Meeting of Shareholders; Three New Board Members from AMC to be Proposed.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : AWRCF) today announced that it will adjourn adjourn v. the final closing of a meeting, such as a convention, a meeting of the board of directors, or any official gathering. It should not be confused with a recess, meaning the meeting will break and then continue at a later time. (See: recess, session) its annual general meeting of shareholders scheduled for September 30, 2004 so that shareholders can receive new proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other which provide the opportunity to vote on the nomination of three new directors from Asset Managers Co., Ltd. ("AMC (Advanced Mezzanine Card) See AdvancedTCA. "), the prominent publicly traded Japanese venture capital manager, which purchased a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in APWC shares from Set Top International, Inc. ("Set Top"). As previously announced, Pacific Electric Wire and Cable Co., Ltd ("PEWC PEWC Ponders End Wargaming Club (gaming) ") and AMC, reached an agreement with regard to PEWC's efforts to effect a buy-out of all of Set Top's interest in APWC's shares. Under the terms of that transaction, AMC was given the right to nominate three AMC directors to the APWC board. The proxy materials for the meeting originally scheduled for September 30, 2004 were mailed out prior to the consummation of the transaction between PEWC and AMC. Charles Han, Chairman of Asia Pacific Wire & Cable, stated, "In order for shareholders to have ample opportunity to review the qualifications of the new directors and then cast their votes, it was necessary to change the date of the annual meeting of shareholders. We will schedule a new shareholders meeting as quickly as possible." Mr. Han continued, "As I stated when the PEWC - AMC transaction was first announced, AMC will bring stability to the APWC shareholder base and we look forward to having them join our board of directors." As previously disclosed on July 8, 2004, Asia Pacific Wire & Cable, PEWC and Set Top entered into a settlement agreement pursuant to which PEWC agreed to purchase all of Set Top's interest in APWC's shares. As a result of that settlement agreement, APWC, PEWC and Set Top agreed to withdraw and dismiss all claims in all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. proceedings against each other, including the actions in New York, Singapore and Bermuda, and Set Top agreed to withdraw all of its claims in the PUSA bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . The transaction between PEWC, AMC and Set Top effectively completes all of the requirements of the settlement agreement and brings to a close all of the outstanding litigation matters among Asia Pacific Wire & Cable, PEWC and Set Top. About Asia Pacific Wire & Cable Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications and power industries in selected markets in the Asia Pacific Region. Except for statements of historical fact, this news release contains certain forward-looking statements about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks noted in the Company's SEC filings which may cause actual results to differ materially. |
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