GSI Group Inc. (Pink Sheets: GSIGQ) a supplier of precision technology products and semiconductor systems, recently stated that an annual meeting of the Company's shareholders has been scheduled for Friday, April 30, 2010. The time and location of the meeting will be announced in due course. As previously announced, the GSI Group received a requisition notice from Stephen Bershad, a holder of greater than ten percent of the Company's outstanding shares, pursuant to Section 96 of the Business Corporations Act (New Brunswick). The requisition notice requested that GSI Group Board of Directors call a meeting of the shareholders for the purpose of electing directors. The announced annual meeting is in response to that requisition notice.
Penny Stock Professor, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Penny Stock Picks.
The Board has concluded that this meeting date is in the best interests of GSI Group and, among other reasons, was chosen in order to allow sufficient time for the completion of efforts contemplated by the Company's previously announced Joint Chapter 11 Plan of Reorganization (the "Plan"). On November 20, 2009, GSI Group Inc. and two of its US subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief (the "Chapter 11 Petitions") under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Among other matters, the Plan contemplates that following the effective date, the Board of the reorganized Company will be set at seven members which shall include the Chief Executive Officer and five members designated by the current noteholders. On November 19, 2009, in anticipation of the Chapter 11 Petitions, GSI Group Inc also entered into a Noteholder Restructuring Support Agreement (the "Plan Support Agreement") with eight of ten of the beneficial holders (the "Consenting Noteholders") of GSI's 11% Senior Notes due 2013 in the principal amount of $210 million (the "Senior Notes"), representing Consenting Noteholders holding approximately 88.1% of the outstanding principal amount of the Senior Notes. Pursuant to the Plan Support Agreement, the Consenting Noteholders have agreed, subject to certain conditions, to support the Plan proposed by the Debtors, which was filed with the Chapter 11 Petitions. Unless otherwise amended, the Plan Support Agreement provides that the Consenting Noteholders' obligations to support the Plan expire on April 20, 2010. This annual meeting date represents a change of more than thirty days from the anniversary of GSI Group Inc. last annual meeting of shareholders. The deadline for shareholders to timely submit to GSI Group Inc. proposals to be considered for inclusion in the Company's proxy statement for the upcoming annual meeting pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended, is December 24, 2009. In addition, the deadline for shareholders to timely submit to the GSI Group Inc. matters to be brought before the annual meeting is December 24, 2009. Proposals should be directed to the attention of Anthony Bellantuoni, GSI Group Inc., 125 Middlesex Turnpike, Bedford, Massachusetts 01730.
GSI Group Inc. supplies precision technology to the global medical, electronics, and industrial markets and semiconductor systems. GSI Group Inc.'s common shares are quoted on Pink Sheets OTC Markets Inc. (GSIGQ)
Follow us on Twitter: http://www.twitter.com/pennystockspro
Sign up for the free Penny Stock Professor newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Us
Penny Stock Professor is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
