Netrom Inc. Shareholders Approve Stock Changes Needed to Begin Recapitalizing Company.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 16, 2000 Netrom Incorporated, (Pink Sheets: NRMM NRMM NATO Reference Mobility Model ) today announced that the majority of its voting shareholders have approved all three propositions in the recent proxy voting Proxy voting is the delegation to another member of a voting body of that member's power to vote in his absence. It is essentially synonymous to delegated voting. Proxy voting is commonly used in corporations for voting by members or shareholders, because it allows members and that it has achieved a vote of over 50% of the outstanding shares of the company for each proposition which completes the requirement for their approval by shareholders. Successful passage of all three proxy actions makes the Special Shareholder's Meeting, scheduled for September 19, 2000, unnecessary, and therefore the Board of Directors voted to cancel it. The Company expects to announce a regular Annual Shareholders meeting to outline future plans for the Corporation within the coming months. The details of the proxy vote Proxy vote Vote cast by one person or entity on behalf of another. as reported to the Board of Directors of Netrom on August 4, 2000 show that the Corporation's shareholders, who had in their possession 19,237,332 shares of common stock as of the June 5, 2000 record date, approved all three actions according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the following vote: on the amendment to the Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. to increase the authorized common stock from 20 million to 100 million shares -- 9,870,325 shares were in favor, 251,132 opposed and 54,310 abstained. On the amendment to authorize the issuance of 10 million shares of blank check preferred stock Blank Check Preferred Stock A method companies use to simplify the process of creating new classes of preferred stock to raise additional funds from sophisticated investors without obtaining separate shareholder approval. -- 9,722,092 shares were in favor, 379,640 opposed, and 74,035 abstained. On the amendment to approve a 5 for 1 reverse split of the issued and outstanding common stock -- 9,837,532 shares were in favor, 323,525 opposed, and 14,710 abstained. "Approval of these three proxy actions is a major milestone in our quest to turn the company around and begin restoring full operation," according to Ron Clark This article is about the American teacher. For the baseball player, see Ron Clark (baseball player). Ron Clark is an American teacher who has worked with special needs students primarily because of poverty or social status in rural North Carolina and Harlem, , spokesman for the Corporation. "The next major hurdle for Netrom is to complete the restructuring of its debt, which is in excess of $2 million. Unless and until the debt is restructured Netrom will have difficulty raising the capital necessary to complete the turnaround. "The company has received a favorable response from its creditors regarding the restructuring of their claims. Netrom has already reached agreements with certain creditors converting over $700,000 of the outstanding debt to equity. Now that we have common stock available to offer creditors it will be easier to restructure the debt since we can make firm commitments to convert creditors' debt into equity." About Netrom Inc. Netrom Inc. (Pink Sheets: NRMM), is an Internet technology and development company. Founded in 1996, Netrom's mission is to become an e-Business development center where new e-Commerce models are conceived, built and turned into independent operations. The Company recently relocated its headquarters from San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. to Orange County California. This press release may include 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. concerning Netrom Inc.'s business and future prospects and other similar statements that do not concern matters of historical fact. The Federal securities laws provide a limited "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for certain forward-looking statements. Forward-looking statements in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc product development, business prospects and development of a commercial market for technological advances are based on Netrom Inc.'s current expectations. Netrom Inc.'s current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. Netrom Inc.'s actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. Netrom Inc. disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason. |
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