![]() |
||||||||
NewsPress releasesEventsSolar in the NewsSign up to periodically receive news and information about Solar Integrated Media contactsSolar Integrated Gavin Anderson & Company |
|
|||||||
|
SOLAR INTEGRATED PUBLISHES NOTICE OF ANNUAL GENERAL MEETING AND ANNOUNCES BOARD CHANGE London, UK, and Los Angeles, California, July 5, 2007 – Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today the publication of its Notice of Annual General Meeting of Shareholders and Proxy Circular convening the Annual General Meeting of Shareholders to be held at 10:00 a.m. (London time) on Friday, July 27th, 2007 at KBC Peel Hunt, 111 Old Broad St., 4th Floor, London, EC2N 1PH, United Kingdom. Copies of the Notice of Annual General Meeting of Shareholders and Proxy Circular are being mailed today to shareholders, are available for download at www.solarintegrated.com, are available free of charge upon request from the Company at Solar Integrated Technologies, Inc., 1837 E. Martin Luther King, Jr. Blvd., Los Angeles, California, 90058, Attention: Corporate Secretary, and are available free of charge upon request from the Company's Nominated Advisor, KBC Peel Hunt Ltd., 111 Old Broad Street, London, EC2R 1PH. The Notice of Annual General Meeting of Shareholders and Proxy Circular contains two items of business. The first item is the election of directors. The second item is a proposal to approve amendments to the Company's stock option plan, including to increase the maximum number of common shares reserved under the plan from 6,792,542 shares to 10,000,000 shares. With respect to the election of directors, UPC Energy Group has had the right to nominate three candidates to the Company's board of directors since December 2006. Since that time, the board has had six directors, three of which – Brian E. Caffyn, Frederik W. Mowinckel and Nicholas A. Wrigley – have served on the board as the nominees of UPC Energy Group. Mr. Mowinckel decided not to become a partner of UPC Energy Group as was originally contemplated in December 2006. As a result, Mr. Mowinckel will be retiring from the board of directors and will not be standing for re-election. His retirement from the board will be effective from the end of the shareholders' meeting. In order to reduce the Company's board costs and expenses, UPC Energy Group has determined not to put forward a replacement nominee for election to the Company's board of directors at this time. The warrants granted to UPC Energy Group will not be impacted in any way as a result of these board changes, and the warrants will not become immediately exercisable as a result of the retirement of Mr. Mowinckel. This transaction was approved by Solar Integrated's board of directors, excluding Mr. Caffyn, Nicholas A. Wrigley and Frederik W. Mowinckel who did not participate in the relevant board discussions and did not vote on the relevant board resolution given their relationship with UPC, including as nominees of UPC to the Company's board of directors. The independent directors consider, having consulted with KBC Peel Hunt, that the terms of this transaction are fair and reasonable in so far as shareholders are concerned. Any future commercial arrangements between Solar Integrated and UPC Solar will be similarly approved, and will constitute related party transactions within the meaning of the AIM rules. About Solar Integrated:
Forward-Looking Statement: For more information, please contact: Media Contacts:
|
||||||||
|
Copyright © 2006 Solar Integrated. All rights reserved. |
||||||||