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Los Angeles, California, -- (PR Newswire) -- April 06, 2000
- Charles B. Nelson, Vice-President & CFO of Platforms International Corporation, (OTC BB: PLFM) ( OTC BB: PLFME), the developer and manufacturer of the Airborne Relay Communications, ARC System for airborne wireless telecommunications, announced today the results of the Special Shareholders Meeting held on March 14, 2000, as confirmed and ratified by a Special Board of Directors Meeting held on March 23, 2000.
A Special Shareholders Meeting was held on March 14, 2000 to vote on a proposed amendment to the Articles of Incorporation of Platforms International Corporation. The proposed amendment called for the increase of the company?s Authorized shares of Common Stock from FORTY MILLION (40,000,000) shares to ONE HUNDRED AND FIFTY MILLION (150,000,000) shares, to raise working capital and pay for corporate obligations.
The proposed measure passed. It was approved by shareholders, as follows:
Number of Support Votes:
Number of Objection Votes:
Number of Votes Abstained:
TOTAL VOTES 23,552,336 or 84.6%
4,061,161 or 14.6%
223,200 or 0.8%
27,836,697 or 100.0%
Projected Use and Distribution of Capital Stock Proceeds - 110,000,000 Shares
Projected Distribution
ARC System Technology Rights
Private Investors -- Shares Owed
Officers and Directors Stock Compensation
Attorneys and Consultants
Stockholder Loans
BRAZIL Consultants, Contractors, Agents
Sub-Total
Platforms Authorized and Unissued
TOTAL
No.Shares Percent
13,000,000 11.82
13,500,000 12.27
13,500,000 12.27
11,700,000 10.63
6,400,000 5.81
6,150,000 5.59
64,250,000 58.40
45,750,000 41.60
110,000,000 100.00%
NOTE: PLFM shares issued under this capital reorganization shall be Rule 144 Restricted Stock. Shares issued for repayment of loans to shareholders and other creditors, as well as for payment of debt owed to critical vendors, may be released to free trading status at the discretion of Corporate Counsel, where circumstances warrant such an action and SEC regulations permit it.
At the Special Meeting of the Board of Directors held on March 23, 2000, the following significant Resolutions were passed and adopted:
Board of Directors Appointments and Ratifications (Four inside Directors; Five Outside Directors):
William C. Martin - Chairman
Robert D. Perry, Director
Charles B. Nelson, Director
Nelson Wong, Director
Richard N. Cody, Jr., Director
Col. Robert Ettinger, Director
Forrest Walworth Brown, Esq., Director
Barbara Leff, Director
Michael L. Potter, Esq., Director
Officer Appointments and Ratifications:
William C. Martin - Chairman of the Board & CEO
Robert D. Perry - President & COO
Charles B. Nelson - Sr. Vice President & CFO
Victor L. Ziller - Vice President, Latin America
Nelson Wong - Vice President & Corporate Controller
William C. Martin, Jr., Vice President, Business Development
NOTE: The new Platforms BOD is comprised of four inside directors and five outside directors. Bios for all directors and officers will be posted on the Platforms website shortly.
Mr. David L. Kagel, Esq., of David L. Kagel & Associates, Century City, was appointed Corporate Counsel for Platforms International Corporation.
Mr. Forrest Walworth Brown, Esq., was appointed Corporate Secretary of the Corporation. Corporate Stock Transfer, Inc. of Denver, Colorado was ratified as the new Stock Transfer Agent of the Corporation.
Mr. Charles Nelson, CFO, and Mr. Nelson Wong, Corporate Controller, informed the BOD that Platforms Restated, Unaudited Financial Statements for FYE June 30, 1997, 1998, and 1999 would be completed in April. It is expected financial statements will be submitted for audit in May, and the preparation of SEC compliant certified financial statements, a prerequisite for Form 10 filing.
Due to deal structure complexities, telecom contract negotiations in Brazil have taken longer than expected. It is anticipated final agreement is imminent.
In response to numerous inquiries on the most effective way to obtain stock quotes and trading information on PLFM during its tenure on the OTC EQB, we recommend WWW. ragingbull.com. This website appears to carry the most timely and accurate information on PLFM market activity.
The PLFM Website is currently undergoing an overhaul to bring all company and product information up to date, and to provide shareholders with a user-friendly, interactive facility for information on Platforms and its products.
For questions or assistance on PLFM matters, please call Dick Wentner or Ralph Smith of PLFM's Investors Relations Department at (925) 283-5877 or (213) 705-0888.
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