On March 6, 2008, PhotoChannel held its annual shareholders meeting where the following corporate policies and procedures were approved:
– The company now has four board members, including elected management nominees. These are: Peter Fitzgerald, who serves as Chairman, President and CEO of the company; Peter Scarth, former President of PhotoCannel; and Cory Kent, a securities lawyer from the firm of Lang Michener and Thomas Nielsen, who holds the position of Director of Engineering for Adobe’s Creative Professional Business Unit.
– PricewaterhouseCoopers LLP, Vancouver office will serve as the company’s financial Auditor for the year.
– The proposal to alter the company’s share capital by eliminating the class of Preferred Shares, the corresponding amendment of the Notice of Articles and Articles of the company was also approved, none of which are issued.
– The continuation of the company’s Share Option Plan dated for reference March 6, 2006 and amended March 6, 2007, was also approved.
– The officers and directors of the company will be able to purchase shares of the company stock, as the board of directors has granted options to purchase 820,000 common shares. The options are exercisable at $3.35 per share for a period of five years expiring March 11, 2013, and will vest over an 18-month period commencing on March 11, 2008.
Founded in 1995, PhotoChannel has created and manages the open standard PhotoChannel Network environment. The PhotoChannel system is currently utilized by major photofinishing retailers and wireless carriers to provide their consumers with online image printing and picture messaging services. There are more than 8,000 retail locations worldwide accepting print orders from the PhotoChannel system including CostCo (NASDAQ:COST), CVS Pharmacy (NYSE:CVS), Eckerd Drugstore and Kmart.
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