COVOL Technologies Inc. announces the results of its annual shareholders meeting held in Salt Lake City on June 25, 1997.LEHI, Utah--(BUSINESS WIRE)--June 30, 1997--Covol Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ) Monday announced that at the annual meeting of the stockholders held June 25, 1997, the following actions were approved by the stockholders: 1. Raymond J. Weller, Brent M. Cook, Stanley M. Kimball, DeLance W. Squire, Vern T. May and Joe K. Johnson were elected as directors until the expiration of their respective classified terms. 2. An amendment to the company's certificate of incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to create a new class of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . 3. An amendment to the company's bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an to provide for (a) a classified board of directors (the "board"), (b) the minimum and maximum number of directors on the board, (c) the removal of directors with the vote or written consent of stockholders representing not less than two-thirds of the issued and outstanding stock entitled to vote and (d) increases to the size of the board with the vote or written consent of stockholders representing not less than two-thirds of the issued and outstanding stock entitled to vote. 4. Selection by the board of Coopers & Lybrand, L.L.P., as independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. of the company for the fiscal year ended Sept. 30, 1997. Subsequent to the business portion of the meeting, Cook, president and chief executive officer, gave an informal presentation discussing the results of the operations of the company and current tax proposals with respect to the federal budget debates going on in Washington D.C. The presentation included a discussion of certain letters of interest that Covol has entered into with Entrix Inc. and Enron Capital & Trade Resources Corp. for the development of several Covol synthetic fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. processing facilities. Because the letters of interest are subject to proper due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other conditions prior to completion of any transaction, no details with respect to the possible transactions were discussed. Covol Technologies Inc. is a technology development company focused on recycling yesterday's waste into tomorrow's resources. -0- Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, market acceptance, changing economic conditions, risks in product and technology development, the effect of the company's accounting policies and other risk factors detailed in the company's SEC filings. CONTACT: Covol Technologies Inc., Lehi Alan Ayers, 801/768-4481 fax 801/768-4483 |
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