FORT WORTH, Texas, Dec. 21, 2016 /PRNewswire/ -- Galenfeha, Inc. (OTC: GLFH) today announces the results of the company's annual Board of Directors election.
Galenfeha shareholders were asked to vote on the election of the Board of Directors, as well as two amendments to the company bylaws. Affiliates were not allowed to participate in this election. Voting began on Thursday, December 1, 2016, and a non-affiliate majority was recorded on Tuesday, December 20, 2016.
The following board members were approved for election:
James Ketner, Chairman
LaNell Armour, Secretary/Treasurer
Trey Moore, Director
Lucien Marioneaux, Jr., Director
Mr. Ketner has served as Galenfeha's Chief Executive Officer on an interim basis since October 27, 2016. He will officially assume the role of Chief Executive Officer beginning January 1, 2017. Ms. Armour will continue her current role as Secretary/Treasurer beginning January 1, 2017.
In addition, shareholders ratified the two proposed amendments: the creation of a preferred class of stock; and granting the board Chair a deciding vote in the case of a tie. The company also reduced the total number of Authorized Shares from 500,000,000 to 200,000,000.
Mr. Ketner commented: "I would like everybody to take a close look at our latest Form 8-K filed with the Commission. Effective immediately, Galenfeha affiliates will move all their stock out of the common outstanding share structure. I believe the restrictive details of the new class of preferred stock convey to our shareholders management's long term commitment to the company, and forces performance milestones to be met before any type of compensation can be realized."
Complete details of the amendments and election results are outlined in an 8-K filed with the Securities and Exchange Commission. https://www.sec.gov/cgi-bin/browse-edgar?company=galenfeha&owner=exclude&action=getcompany
Mr. Ketner concluded: "I want to thank our shareholders for their participation in the election, and for their continued support. A lot has been accomplished in the past six weeks, and Galenfeha is on schedule to reach my projected short-term goals by the end of this year."
About Galenfeha, Inc.
Galenfeha, Inc., headquartered in Ft. Worth, Texas, is an engineering, manufacturing, and product development company that designs new technology to help reduce and/or eliminate detrimental impacts to the planet's environment. The company generates revenue by earning royalties from products we developed, and directly investing in a diversified group of businesses that generate cash and consistently earn above-average returns on capital. The Company's stock has been actively traded (GLFH) since September 2014.
For more information, please visit www.galenfeha.com.
Forward-Looking Statements: Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective," and "appears," and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization, or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
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SOURCE Galenfeha, Inc.