Mr. Krishna Vathyam reports
PETRODORADO ANNOUNCES RESULTS FROM ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
All of the items of business put forward for consideration at Petrodorado Energy Ltd.'s annual general and special meeting of shareholders held on Aug. 28, 2012, passed by the requisite percentage of votes cast by shareholders. The items of business are as more particularly described in the management information circular dated July 31, 2012, sent to shareholders in connection with the AGM.
At the AGM, the shareholders of the company approved the fixing of the number of directors of the company at four and elected three individuals as directors of the company to hold office until the next annual meeting of shareholders, unless vacated earlier in accordance with the articles or bylaws of the company or applicable laws. The one vacancy will be filled by the board of directors prior to the next annual meeting of shareholders. The three individuals elected as directors were Krishna Vathyam, president and chief executive officer of the company, Gregg Vernon and Douglas Urch. All three individuals are returning directors. Robert Cross did not stand for re-election and is therefore no longer a director of the company.
The company thanks Mr. Cross for all of his guidance and support over the years and wishes him the best in his future endeavours. Mr. Cross will continue to provide consulting services to the company on a continuing basis.
Also at the AGM, shareholders approved the retention of KPMG as auditor of the company and reapproved the existing stock option plan. Further, the shareholders ratified and approved the adoption of a shareholder rights plan dated July 12, 2012. Details of the shareholder rights plan can be found in the circular, as well as a press release of the company dated July 12, 2012. Lastly, the shareholders approved a repricing of certain outstanding incentive stock options as more particularly set forth in the circular, as amended by a board of director's resolution and press release dated Aug. 21, 2012.