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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Watcher who wrote (11281)	6/28/1999 11:24:00 AM
From: Bruce Bland	Read Replies (2) \| Respond to of 52051

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."