NEW YORK, Jan. 14, 2013 /PRNewswire/ -- Emilio Alvarez announced today that he has filed a lawsuit in Delaware requesting that the Court of Chancery of the State of Delaware compel Pan American Goldfields Ltd. (PINK: MXOM) (the "Company") to hold an annual meeting of stockholders for the purpose of electing a full board of directors, which has not occurred since 2001. The lawsuit was filed with the Court of Chancery on December 14, 2012.
Under Delaware law, if a company fails to hold an annual meeting of stockholders or take action by written consent to elect directors for a period of 13 months, any stockholder may petition the Court to compel that a meeting be conducted. Mr. Alvarez is the owner of record of 700,000 shares of the Company's common stock. The Company has not held an annual meeting of stockholders to elect directors since 2001 and accordingly has not met its obligations under Delaware law. None of the current directors have been elected by stockholders. The Company's continued failure to hold an annual meeting to elect directors denies its stockholders the right to vote for directors or otherwise exercise their legally prescribed control over the Company. Mr. Alvarez has retained Olshan Frome Wolosky LLP as his legal advisor in this matter.
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