Crew Development Corporation: Annual General Meeting.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 24, 2001 Crew Development Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRWVF) (PE:CRU) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.) (OSE OSE - Open Systems Environment :CRU.) (FRANKFURT:KNC KNC Knowledge Navigation Center KNC Kensey Nash Corporation KNC Kawan Ng Cordero (Philippines: Flock of Lamb) .) announces that it held its Annual General Meeting on December 21, 2001. Prior to the meeting, a dissident shareholder advised that it had deposited proxies from or on behalf of a group of not more than 26 shareholders representing approximately 32% of the issued shares of the Company, which it had obtained without sending a proxy circular to those shareholders or to the Company or its auditors, relying upon an exemption order obtained from the Registrar of Securities of the Yukon Territory Yukon Territory, territory (2001 pop. 28,674), 207,076 sq mi (536,327 sq km), NW Canada. Geography and Climate The triangle-shaped Yukon territory is bordered on the N by the Beaufort Sea of the Arctic Ocean, on the E by the Northwest Territories, . By this means, the dissident shareholder sought to elect its slate of directors at the meeting, without giving any prior notice of its intention to do so to the corporation or to any shareholder other than those from whom it solicited proxies. At the meeting the Chairman ruled that proxies obtained by this dissident shareholder were invalid due to non-compliance with other applicable provisions of the governing corporate law. The Meeting proceeded and all matters proposed by management were approved including the election of the management's nominees for directors. Following the meeting, the board of directors resolved that a special meeting of the shareholders be held on March 22, 2002, to allow all shareholders the opportunity to consider the directors nominated by the dissident shareholders dissident shareholders Shareholders who oppose a firm's management or management policy. For example, dissident shareholders of Hewlett-Packard opposed that firm's offer to purchase Compaq Computer. as well as those nominated by management and vote on a new election of directors and reconsider all other matters that were dealt with at the Annual General Meeting. In this way, all shareholders will have disclosed to them what is proposed by management and the dissident group and will be able to make voting decisions in an informed way, consistent with the principles of corporate and securities law. The Company will be mailing its proxy solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual material in accordance with corporate and securities law requirements. John M. Darch, Chairman and C.E.O. This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. |
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