Diamond Estates Wines and Spirits Inc. Announces Results of Annual General and Special Meeting including the Adoption of a Deferred Share Unit Plan and a Reduction in Stated Capital
September 28, 2015 - Niagara on the Lake, Ontario
Diamond Estates Wines & Spirits Inc. (“Diamond Estates” or “the Company”) (DWS-TSX Venture) is pleased to announce the successful completion of its annual general and special meeting of shareholders held on September 22, 2015 (the “Meeting”). The Company had 52,266,763 or 52.2% of its issued and outstanding common shares represented at the Meeting either in person or by proxy and 99% of votes received were in favour of all of the items on the agenda for the Meeting.
At the Meeting, shareholders voted to approve the Company’s stock option plan, which is done annually, approved the re-appointment of MNP LLP, Chartered Accountants, Licensed Public Accountants as auditors of the Company for the ensuing year, and appointed J. Murray Souter, Harold Wolkin, John Hick, John De Sousa, David Beutel, Keith Harris and Craig Graham as the directors of the Company, each to hold office until the next annual general shareholders’ meeting or until his successor is elected or appointed. In addition, a majority of disinterested shareholders approved the adoption of a deferred share unit (“DSU”) plan, subject to approval from the TSX Venture Exchange. Furthermore, shareholders approved a reduction in the Corporation’s stated capital in the amount of $34,104,032. The reduction in the stated capital account of the common shares will be offset by an equal reduction in the accumulated deficit such that the net effect on total shareholders’ equity is $nil.
“We are pleased with the overwhelming support demonstrated by our shareholders at the Meeting” said J. Murray Souter, President and CEO of Diamond Estates. “We are forging a path that we believe will cement Diamond Estates’ long-term sustainability and realize value for our shareholders.”
The Company would also like to announce that a slide presentation delivered at the Meeting by President and CEO, Murray Souter, is available on the Company’s website at: http://www.diamondestates.ca/site/2015-agm.
About Diamond Estates Wines and Spirits Inc. Diamond Estates Wines and Spirits Inc. is a producer of high quality wines and a sales agent for over 120 beverage alcohol brands across Canada. The company operates two wineries in the Niagara region of Ontario producing VQA and blended wines under such well-known brand names as 20 Bees, EastDell Estates, Lakeview Cellars, Dois Amigos, Dan Aykroyd, Riders Valley, Benchmark and Seasons. Through its partnership, Kirkwood Diamond Canada, the Company is the sales agent for top selling international brands in all regions of the country as well as being a distributor in the western provinces. These CP:00071129.2 recognizable brands include Fat Bastard wines from France, Fireball Whiskey Shooter from Canada, Hpnotiq Liqueur from France, Anciano wines from Spain, Francois Lurton wines from France and Argentina, Brick Brewing from Canada, Buffalo Trace Bourbon from USA, Flor de Cana rum from Nicaragua, Iceberg Vodka from Canada and many others. For further information on the company, please visit the company’s SEDAR profile at www.sedar.com.
Diamond Estates Wines & Spirits Inc. common shares trade on the TSX Venture Exchange (symbol: DWS). For more information, please contact:
J. Murray Souter
President & CEO
Diamond Estates Wines and Spirits Inc.
905 641 1042 Ext 234
CPA, CA Chief Financial Officer
Diamond Estates Wines & Spirits Inc.
905-641-1042 Ext 225
Neither the 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.