Vancouver, BC – Urban Communications Inc. (TSX-V: UBN) announces that its Annual General and Special Meeting was held on June 28, 2016, at the Pinnacle Hotel Vancouver Harbourfront. The Scrutineer’s Report indicated that there were 56 persons present in person or by proxy holding 46.2% of the Company’s issued stock. The Chair declared the meeting to be duly constituted and dealt with all matters on the agenda as set out in the Notice of Meeting.
The number of directors was fixed at 6, and there being no other nominations, the full management slate of directors was duly elected. All sitting directors stood for re-election with the exception of Michael Schmidt and Alan B. Howe was elected in his place.
Alan B. Howe, has served as the Co-founder and Managing Partner of Broadband Initiatives LLC, a boutique corporate advisory and consulting firm, since 2001. He served as Vice President of Strategic and Wireless Business Development for Covad Communications, Inc., a national broadband telecommunications company from May 2005 to October 2008. He served as CFO and Vice President of Corporate Development for Teletrac, Inc. from April 1995 to April 2001. Previously, he held various executive management positions for Sprint PCS, and Manufacturers Hanover Trust Company. He is currently a board member and Chairman of Data I/O Corporation (NASDAQ: DAIO) and board member and Vice Chairman of Determine, Inc. (NASDAQ: DTRM) and has served on a number of other private and public boards. He has a Masters of Business Administration in Finance from Indiana University and a Bachelors of Science – Business Administration and Marketing from University of Illinois.
A resolution authorizing the board of directors to seek approval from the TSX Venture Exchange for a consolidation of the issued share capital of the Company, which required the approval of 2/3 of the shares voted, was defeated. All other business to be transacted at the meeting was approved in accordance with the motions put to the shareholders.
The Company also announces the grant of an aggregate of 2,250,000 incentive stock options to directors, employees and consultants of the Company in accordance with the Company’s incentive stock option plan and policies established by the board of directors designed to attract, retain and motivate industry, business, finance, sales and technical professionals at all levels. Of the total number of options granted, 1,250,000 options were granted to directors. 420,000 options to directors expire February 3, 2019, 1,330,000 options to directors expire June 28, 2019, and all options are exercisable at a price of $0.075.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX VENTURE: UBN) is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its 200 km. state-of-the-art carrier grade fibre optic network in metro Vancouver and Victoria to commercial, residential and public sector customers. Urban has recently launched high-speed Internet service to residential and commercial subscribers on its network at 1,000 Mbps (1 Gbps).
CONTACT INFO:
John Farlinger
Chief Executive Officer
Phone: (604) 763-7565
jafarlinger@urbanfibre.ca
Caleb Jeffries
Investor Relations
Phone: (604) 684-6730
UBN@kincommunications.com
ir@urbanfibre.ca
www.urbanfibre.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
