Grande West Announces 2014 Annual General Meeting Results
May 30 2014 - 9:30AM
Marketwired Canada
Grande West Transportation Group Inc. (TSX VENTURE:BUS) (the "Company" or
"Grande West") - The Company is pleased to announce the results of its annual
meeting of shareholders held on May 29, 2014, in Vancouver, British Columbia. A
total of 15,048,726 common shares, representing 37.69 per cent of the
outstanding common shares were represented at the meeting.
Each of the matters voted upon at the meeting is discussed in detail in the
Company's management information circular dated April 29, 2014, a copy of which
is available on the Company's website and on SEDAR. The voting results for each
matter voted on by the shareholders at the meeting are provided below.
Election of Directors
By resolution passed by a show of hands, all of the nominees named in the
Company's management information circular were elected as directors of the
Company. The Directors will remain in office until the next annual meeting of
shareholders or until their successors are elected or appointed. The detailed
results of proxies received are as shown in the table below:
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Board of Directors Votes in Favour Votes Withheld
----------------------------------------------------------------------------
Number Percentage Number Percentage
of Votes (%) of Votes (%)
----------------------------------------------------------------------------
William R. Trainer 15,048,726 100.00 0 0.00
----------------------------------------------------------------------------
Joseph Miller 15,048,726 100.00 0 0.00
----------------------------------------------------------------------------
Yves Devin 15,048,726 100.00 0 0.00
----------------------------------------------------------------------------
Donald Siemens 15,048,726 100.00 0 0.00
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Appointment of Auditor
By resolution passed by a show of hands, the shareholders approved the
appointment of Manning Elliott LLP, Chartered Accountants, to serve as the
independent auditor of the Company for the ensuing year at a remuneration to be
fixed by the directors of the Company. The detailed results of proxies received
are as shown in the table below:
----------------------------------------------------------------------------
Votes in Favour Votes Withheld
----------------------------------------------------------------------------
Number of Percentage Number Percentage
Votes (%) of Votes (%)
----------------------------------------------------------------------------
Appointment of
Auditors 15,048,726 100.00 0 0.00
----------------------------------------------------------------------------
Approval of Stock Option Plan
By resolution passed by a show of hands, the shareholders approved the Company's
stock option plan allowing the granting of up to 10% of the Company's issued and
outstanding common shares at any time. The detailed results of proxies received
are as shown in the table below:
----------------------------------------------------------------------------
Votes in Favour Votes Withheld
----------------------------------------------------------------------------
Number Percentage Number Percentage
of Votes (%) of Votes (%)
----------------------------------------------------------------------------
Approval of Stock
Option Plan 15,048,726 100.0 0 0.0
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The Company granted a total of 600,000 of incentive stock options to two
directors, an advisor and an employee at an exercise price of $0.50 for a five
year term expiring May 29, 2019. The stock options will vest 25% immediately and
25% every six months thereafter.
About Grande West Transportation Group Inc.
Grande West was formed in 2008 to design and develop a 27.5 foot bus, known as
the "Vicinity". With little competition in the "mid-size" bus range, Grande West
has set itself apart from others with its "Vicinity" bus - a heavy duty
mid-size, true community transit bus.
The Vicinity is designed with affordability, accessibility and global
responsibility in mind. It costs about half the amount as a 40 foot transit bus,
burns less fuel, emits less harmful environment emissions and achieves a life
span twice as long as cut-away buses with less maintenance costs.
In a large and unsaturated market, Grande West is poised to capture growth in
both the replacement of cut-away buses and the right sizing of larger buses for
better utilization of transit fleets across Canada and the United States.
Initial delivery and the sale of 15 Vicinity buses occurred in August 2013 to BC
Transit. We also recognized the recent sale of our demonstration bus. Currently,
we have 18 new Vicinity buses in production mostly for delivery to Quebec and
Nova Scotia transit agencies. The initial order for our new 30 foot model with
two doors was recently announced in a press release dated May 20, 2014. Our
potential sales funnel is constantly growing, as the Vicinity is introduced to
transit agencies across Canada.
For marketing and customer testing, three Vicinity demonstration buses are
included in the current production run inclusive of our new 30 foot model with
two doors for the Ontario market and airport shuttle bus applications.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and
"forward-looking statements" (collectively "forward-looking statements") within
the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein, without limitation,
statements relating to the future sales, operating or financial performance of
Grande West Transportation, are forward-looking statements. Forward- looking
statements are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates", "potential",
"possible", and similar expressions, or statements that events, conditions, or
results "will", "may", "could", or "should" occur or be achieved. These
forward-looking statements may include statements regarding the perceived merit
of the product offered by Grande West; sales estimates; manufacturing
capabilities; capital expenditures; timelines; strategic plans; market prices
for parts and material; or other statements that are not statements of fact.
Forward-looking statements involve various risks and uncertainties. There can be
no assurance that such statements 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
Grande West's expectations include the uncertainties involving the need for
additional financing to market Grande West's products and provide after-sales
maintenance and support services to Grande West's customers; access to adequate
services and supplies to operate Grande West's business; availability of
financing in the debt and capital markets; the need to obtain governmental
approvals; unexpected cost increases, which could include increases in estimated
capital and operating costs; fluctuations in price of materials used in the
manufacture of our products and currency exchange rates; availability of a
qualified work force; customers' reliance on funding from various levels of
government to purchase our products; fuel shortages and fuel prices;
competitors' ability to develop competing products; our ultimate ability to
develop, manufacture and sell Grande West's products on economically favourable
terms; and other risk and uncertainties disclosed in Grande West's reports and
documents filed with applicable securities regulatory authorities from time to
time. Grande West's forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. Grande West assumes no
obligation to update the forward-looking statements or beliefs, opinions,
projections, or other factors, should they change, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Grande West Transportation
William R. Trainer
President & CEO
(604) 607-4000
info@grandewest.com
www.grandewest.com
The Howard Group Inc.
Jeff Walker
Investor Relations
1-888-221-0915
jeff@howardgroupinc.com
www.howardgroupinc.com
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