Summary of Clearly Canadian Special General Meeting.
The Company's purpose in creating the new preferred shares is to provide an incentive to the Company's majority shareholder, BG Capital Group Ltd. ("BG"), to now convert its Class B preferred shares of the Company into eight million common shares, which BG has agreed to do. This is substantially fewer than the number of common shares BG would have been entitled to receive upon conversion of its Class B preferred shares at a later date.
As consideration for receiving fewer common shares than it would have been entitled to, the Company will issue to BG such number of the new preferred shares as will, at the conversion date, give to BG a number of votes equal to 50 per cent of the then issued and outstanding common shares of the Company (as adjusted to account for the conversion shares).
About Clearly Canadian
Based in Vancouver, B.C., Clearly Canadian Beverage Corporation markets premium alternative beverages and products, including Clearly Canadian(R) sparkling flavoured water and Clearly Canadian O+2(R) oxygen enhanced water beverage which are distributed in the United States, Canada and various other countries. Since its inception, the Clearly Canadian brand has sold over 90 million cases equating to over 2 billion bottles worldwide. Additional information about Clearly Canadian may be obtained at www.clearly.ca.
CLEARLY CANADIAN BEVERAGE CORPORATION
Brent Lokash, President
CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of various trademarks, including CLEARLY CANADIAN(R). CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned subsidiaries, produce, distribute and market CLEARLY CANADIAN(R) and CANADIAN O+2(R).
Clearly Canadian Beverage Corporation (OTC Bulletin Board:CCBEF)