ONEnergy Holds Annual & Special Meetingo of Shareholders - KMPH FOX 26 | Central San Joaquin Valley News Source

ONEnergy Holds Annual & Special Meetingo of Shareholders

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TORONTO, CANADA / ACCESSWIRE / May 1, 2014 / ONEnergy Inc. (“ONEnergy” or the “Corporation”) (TSXV: OEG and OEG.A), a growing provider of innovative energy and energy conservation products and services to residential, industrial and commercial customers in North America, held its Annual and Special Meeting of Shareholders (the “Meeting”) on April 29, 2014 in Toronto, Ontario. At the Meeting shareholders approved the election of David A. Rattee, Lawrence Silber, Stephen J.J. Letwin, Stanley H. Hartt, and Mark J. Lewis to serve as directors of the Corporation, and approved the appointment of BDO Canada LLP as auditors of the Corporation. Further, a resolution to approve the adoption of a Deferred Share Unit Plan for non-executive directors of the Corporation was passed. The Corporation has subsequently received the acceptance for filing of this plan by the TSX-V.

ONEnergy had, in its information circular dated March 13, 2014, also proposed resolutions to authorize the following:

-a capital reorganization into a single class of shares from the current dual-class structure (the “Capital Reorganization Resolution”);

-a share consolidation of the outstanding shares (the “Consolidation Resolution”); and

-continuance to Ontario jurisdiction under the Ontario Business Corporations Act (the “Continuance Resolution”).

The board and management of the Corporation has consistently held that the above resolutions are in the best interests of ONEnergy and its shareholders, and continues to maintain this view. It appears that shareholders overwhelmingly agreed, as proxies received prior to the Meeting were voted 99.74% (multiple voting shares) and 99.76% (subordinate voting shares) in favor of the Capital Reorganization Resolution, and 99.73% and 93.06% in favor of the Continuance Resolution and the Consolidation Resolution, respectively. However, the Corporation was forced to withdraw those resolutions from consideration at the Meeting as a consequence of having received notices of dissent in respect of the resolutions from two shareholders. Had the above resolutions not been withdrawn and been passed by shareholders, and the Corporation proceeded with implementation of either of the Continuance Resolution or the Capital Reorganization Resolution it may have resulted in the Corporation being required to pay an unacceptable amount of cash to those two shareholders.

About ONEnergy Inc.

ONEnergy, through Sunwave (www.gosunwave.com), is a provider of innovative energy products to residential, industrial and commercial customers. ONEnergy provides homeowners and business with competitively priced conventional and environmentally-friendly green natural gas and electricity in Ontario and conventional and green electricity in Connecticut and Pennsylvania. Through its Home Comfort division, the Corporation provides residential heating, ventilation, & air conditioning rentals, sales and installation, and provides heating and air conditioning equipment, tankless and conventional hot water systems and other in-home and commercial appliances, products and services in Ontario, Alberta and Manitoba.

ONEnergy shares are listed on the TSX Venture Exchange under the symbols “OEG” for Multiple Voting Shares and “OEG.A” for Subordinate Voting Shares. ONEnergy’s website may be found at www.onenergyinc.com.

Mark Lewis

Chief Executive Officer

ONEnergy Inc.

+1 (416) 444-4848

Ray de Ocampo

Chief Financial Officer

ONEnergy Inc.

+1 (416) 444-4848

Ali Mahdavi

Capital Markets & Investor Relations

Spinnaker Capital Markets Inc.

+1 (416) 962-3300

Neither the 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.

SOURCE: ONEnergy Inc.  

ReleaseID: 415080

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