BNS Announces That It Does Not Plan to Hold the Contemplated Special Meeting of Stockholders on December 19, 2002.Business Editors NORTH KINGSTOWN North Kingstown (kĭng`stən, kĭngz`toun'), town (1990 pop. 23,786), Washington co., S central R.I., on Narragansett Bay; inc. as Kings Towne 1674, divided into North Kingstown and South Kingstown 1723. , R.I.--(BUSINESS WIRE)--Dec. 10, 2002 BNS Noun 1. BNS - a bachelor's degree in naval science Bachelor of Naval Science bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies Co. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BNSXA) announced today that it does not plan to hold the contemplated Special Meeting of Stockholders on December 19, 2002. That meeting was to enable the Company to be in a position to seek stockholder approval for an issue of shares of restricted stock to Mr. Andrew C. Genor, the Company's President and Chief Executive Officer, in settlement of the obligation owed him under his Change in Control Agreement, dated as of August 13, 1999. However, the Company has decided to pay this obligation to Mr. Genor in cash instead of shares of restricted stock. The Company's obligation was triggered initially by the sale of the Company's Metrology Business to Hexagon AB in April 2001, and an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. has been made in the Company's quarterly financial statements and disclosed in footnotes thereto. |
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