SW, Stayed out of ITEC after selling at open. Watching it continue to climb despite news (or maybe everybody buying is planning on staying long---------I am confused.)
SAN DIEGO--(BUSINESS WIRE)--June 28, 1999--Imaging Technologies
Corp. (Nasdaq:ITEC) today announced that shareholders have voted to
increase the company's authorized preferred stock from 10,000 shares
to 100,000 shares.
The proposal to approve an amendment to ITEC's Certificate of
Incorporation did not have the required majority of outstanding shares
of common stock at the time of the company's annual meeting on May 27.
At that time, shareholders approved extending the deadline to vote.
The shareholders meeting was reconvened this past Friday, June 25, at
5:00 p.m. PST, at which time the required majority of shares voted
approval.
Brian Bonar, ITEC's chief executive officer, said, "Under
Delaware corporate law, a majority of the shares eligible to vote at
the annual meeting are required to approve an increase in shares and
brokers are not allowed to vote shares held in street name. For that
reason, it took additional time to contact shareholders directly and
solicit their votes.
"While we do not have immediate plans to use these newly
authorized preferred shares," added Bonar, "the increase in authorized
shares will give the company the flexibility it needs in the future to
obtain financing and make strategic acquisitions."
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