VANCOUVER, Oct. 2, 2015 /CNW/ - HIT Technologies Inc.
(the "Company") (TSXV: HIT) announced today the adoption by its
board of directors of certain amendments to the Company's existing
By-law No. 1 ("By-law No. 1"), which amendments include the
adoption of advance notice provisions (the "Advance Notice
Provisions") establishing a framework for the advance notice of
nominations of directors by shareholders of the Company.
The Advance Notice Provisions are similar to the advance notice
provisions adopted by many other Canadian public companies. The
purpose of the Advance Notice Provisions is to ensure that all
shareholders receive adequate notice of the nominations of
directors to be considered at a meeting of shareholders of the
Company and can thereby exercise their voting rights in an informed
manner. The Advance Notice Provisions, among other things, fix a
deadline by which shareholders must submit a notice of director
nomination to the Company prior to any annual or special meeting of
shareholders at which directors are to be elected and set forth the
information that a shareholder must include in such notice. In the
case of an annual meeting of shareholders of the Company, notice of
director nomination must be given to the Company not less than 30
days prior to the date of the annual meeting. In the event that the
annual meeting is to be held on a date that is less than 50 days
after the date on which the first public announcement of the date
of the annual meeting was made, notice may be given not later than
the close of business on the 10th day following the
notice date. In the case of a special meeting of shareholders of
the Company (which is not also an annual meeting), notice of
director nomination must be given to the Company not later than the
close of business on the 15th day following the day on
which the first public announcement of the date of the special
meeting was made.
In addition to the Advance Notice Provisions, the board of
directors of the Company has also adopted certain other amendments
to By-law No. 1. These amendments include permitting the board of
directors to appoint a qualified person to fill a vacancy in the
Company's board caused by, among other reasons, an increase in the
number of directors and clarifying that the provisions for
indemnification contained in By-law No. 1 will not be deemed
exclusive of any other rights to which any person seeking
indemnification may be entitled.
The amendments to By-law No. 1 are effective immediately. As
required by the Business Corporations Act (Ontario), shareholders of the Company will be
asked to ratify and confirm the adoption of the amendments to
By-law No. 1 at the next meeting of shareholders of the Company.
The full text of the amendments to By-law No. 1 has been filed
under the Company's profile at www.sedar.com.
About HIT Technologies Inc.
The Company develops and
markets a portfolio of products for use on Apple iPhones across the
globe. The Company believes that there is a significant opportunity
in helping people get Ready for AdventureTM with the
best camera they already have, their iPhone. HITCASE PRO allows
people to create exciting photo and video content using patent
pending RailslideTM mounts without the need for
additional cameras or gear that get in the way of the fun. With a
combination of software, professional quality lenses, patented
waterproofing and mounting technologies for every conceivable
activity, HITCASE PRO makes it fun and easy for users to capture
and share a day at the beach, on the mountain, in the backyard or
anywhere else life takes you.
Cautionary Statement
No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange ("TSX-V") nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release.
Forward-Looking Statements
This news release
contains certain "forward-looking information" within the meaning
of applicable Canadian securities laws. Statements relating to the
Company's intention to present the amendments to By-law No. 1 of
the Company to shareholders of the Company for ratification and
confirmation at the next meeting of shareholders of the Company
constitute forward-looking information.
Such forward-looking information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
information. In particular, the amendments to By-law No.
1 will cease to be effective if they are not presented to the
shareholders of the Company for ratification and confirmation or if
they are rejected by the shareholders. The Company undertakes no
obligation to revise or update any forward-looking
information other than as required by law. There can be
no assurance that such information will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such
information. Accordingly, readers should not place undue
reliance on forward-looking
information.
SOURCE HIT Technologies Inc