LONGUEUIL, QC, Aug. 25 /PRNewswire-FirstCall/ -- D-BOX Technologies Inc. (TSX-V: DBO.A), a leader in innovative Motion Technology for the entertainment industry, is pleased to announce the results of its annual and special meeting of shareholders held on August 20, 2009 in Montreal. At the meeting, shareholders elected Richard Soly as a new member of the Board of Directors of D-BOX, and re-elected Louis Brunel, Claude Mc Master, laine C. Ph nix, Philippe Roy, Pierre Mc Master, Strath Goodship and Jean Colbert to the Board. The shareholders also re-appointed Ernst Young LLP, Chartered Accountants, as the auditors of D-BOX.
Richard Soly has been involved for many years in the retail business. Mr. Soly was an Executive Vice-President of Quebecor Media Inc. from 2001 to January 2007, as well as Chairman of the Board of Directors of Groupe Archambault Inc., a wholly-owned subsidiary of Quebecor Media Inc. Mr. Soly was founder and President of Le Super Club Vid otron Lt e, a wholly-owned subsidiary of Quebecor Media Inc., from 1989 to 2007. From 1986 to 1989, Mr Soly was the President and co-owner of Les Magasins Bo Jeans International. Mr. Soly co-founded and was the President of Les Magasins l' quipeur from 1980 to 1986. Over the course of his career, Mr. Soly has served on several boards of directors of private and public companies in Canada.
Jean-Pierre De Montigny and Andr Duquenne did not stand for re-election as directors of D-BOX at the annual meeting. The Board of Directors thanks Messrs De Montigny and Duquenne for their years of valued service to D-BOX, during which each served as Chairman of the Board of Directors of D-BOX.
At the meeting, shareholders also approved a resolution ratifying and confirming D-BOX's stock option plan, as required under the policies of the TSX Venture Exchange, and a special resolution authorizing, if deemed advisable by the Board of Directors no later than August 20, 2010, an amendment to the Articles of D-BOX so as to consolidate the common shares of D-BOX on the basis of one share for a maximum of ten common shares then issued and outstanding.
D-BOX's Board of Directors also granted an aggregate of 700,000 stock options to six of D-BOX's directors pursuant to D-BOX's stock option plan. The exercise price of the options is $0.47, representing the closing price of D-BOX's shares on the TSX Venture Exchange on August 24, 2009.
D-BOX also announces that it has amended the terms of common share purchase warrants held by Deluxe Digital Studios, Inc. so as to provide for the possibility of "cashless exercise" of the warrants. As amended, if Deluxe Digital Studios elects "cashless exercise", D-BOX will issue to Deluxe a number of shares based on the difference between $0.464, representing the simple average closing price of D-BOX's shares of the TSX Venture Exchange for the ten-day trading period ended August 24, 2009, and the exercise price of the warrants. Deluxe holds 2,200,000 warrants with an exercise price of $0.31 per share and 575,000 warrants with an exercise price of $0.36 per share. The amendment of the warrants is subject to the approval of the TSX Venture Exchange. Any shares issued upon exercise of the warrants will be subject to a contractual two-year hold period.
ABOUT D-BOX
D-BOX Technologies designs and manufactures leading edge high-technology motion systems mainly suited to the needs of the entertainment industry. With its unique, patented technology, D-BOX Motion Code(TM) uses motion codes specifically programmed for each film, TV program or video game, which are sent to a motion generating system integrated within either a platform or a seat.
The resulting motion is perfectly synchronised with all onscreen action, creating an unmatched realistic, immersive experience. To date, D-BOX Motion Code(TM) is available on more than 850 titles. Accordingly, many prominent Hollywood studios have started embedding D-BOX Motion Code(TM) on selected high definition Blu-ray(TM) releases. By reaching agreements with the leaders of both the motion picture and gaming industries, D-BOX's award-winning motion technology is gradually proving itself as a new global standard in the entertainment world.
D-BOX is a publicly traded company listed on the TSX Venture Exchange under the symbol DBO.A. For further information please see http://www.d-box.com/. D-BOX(R) is a registered trademark and D-BOX Motion Code is a trademark of D-BOX Technologies Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
Neither 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.
D-BOX TECHNOLOGIES INC.
CONTACT: Media and General Inquiries: Luc Audet, Chief Financial
Officer, D-BOX Technologies Inc., (450) 442-3003, ext. 296, laudet@d-box.com,
http://www.d-box.com/; Investor Relations: Marc Jasmin CMA, Partner, Jasmin-Dumais
Financial Communications Inc., (514) 231-2360, marc@comjamais.com
