Polaris Materials Announces Results of Annual Meeting of Shareholders and Business Update
Jun 10, 2015, 07:00 ET
VANCOUVER, June 10, 2015 /PRNewswire/ - Polaris Materials Corporation (the "Company") (TSX:PLS): In accordance with Toronto Stock Exchange requirements, the Company is pleased to announce the voting results for the election of its Board of Directors at the Company's Annual and Special Meeting of Shareholders held on June 9, 2015, in Vancouver, British Columbia. The director nominees, as listed in the Company's Management Information Circular dated April 24, 2015, were elected as directors of the Company at the meeting. The ballot votes submitted for each director were as follows:
| Directors |
Votes For |
Votes Withheld |
||
| Terrence A. Lyons |
34,286,671 |
97.82% |
763,796 |
2.18% |
| Eugene P. Martineau |
22,863,866 |
65.23% |
12,186,601 |
34.77% |
| Marco A. Romero |
22,785,363 |
65.01% |
12,265,104 |
34.99% |
| Herbert G. A. Wilson |
25,214,273 |
71.94% |
9,836,194 |
28.06% |
| Lenard F. Boggio |
34,315,054 |
97.90% |
735,413 |
2.10% |
The proposed resolution to amend and restate the Company's stock option plan, as set out in the Circular was withdrawn at the meeting on the basis that there was insufficient support. The Company intends to explore alternative compensation arrangements in order to continue to motivate and attract high quality executives and directors.
The results of the other matters considered at the meeting are reported in the Report of Voting Results to be filed on SEDAR.
The Company also wishes to advise that, although the 2015 second quarter results will not be finalized and released until later in the third quarter, shipments of its products have unexpectedly slowed such that the Company's sales volumes through the first two quarters of 2015 will be approximately 17% lower than in the first two quarters of 2014. However, sales prices continue to remain significantly higher in 2015 compared with 2014 and therefore the revenue generated from sales is anticipated to be much closer to that reported for the first six months of last year. The Company's sales expectations for the year were based on budgets provided by the Company's major customers in northern California, the principle market.
Herb Wilson, President & CEO of the Company commented "This is a very unexpected turn in demand for our products, occurring at a time when the construction aggregates industry, particularly in California, has been recovering strongly with the turn of the US economy over the last two years. We anticipate that upcoming meetings with our main customers, scheduled for the end of June, will provide clarity to this sudden decline in demand and identify possible solutions. We expect to provide a further update during the third quarter."
Polaris Materials Corporation is exclusively focused on the production of construction aggregates and the development of quarries in British Columbia together with the operation and development of receiving port terminals in markets on the Pacific coasts of North America. Polaris ships sand and gravel from the Orca Quarry to markets in San Francisco Bay and Hawaii in efficient ocean-going vessels.
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information appear in this document and include estimates, forecasts, information and statements as to management's expectations with respect to, among other things, the future financial or operating performance of the Company, sales volumes and selling prices, costs of production, capital and operating expenditures, expected timing of shipments, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risks and Uncertainties" in the Company's Short Form Prospectus dated June 20, 2014, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
SOURCE Polaris Materials Corporation