Dragon Pharmaceutical Inc. (OTC BB: DRUG; TSX: DDD) (“the Company”) is pleased to announce the results of the Annual Shareholders?Meeting held on August 12, 2005.
There were 54,818,706 shares equaling 87.20% of the outstanding shares represented at this meeting. All of the following proposals were approved by a substantial majority of votes:
- Election of Mr. Yanlin Han, Dr. Alexander Wick, Ms Xuemei Liu, Mr. Zhanguo Weng, and Dr. Yiu Kwong Sun as the directors;
- Amendment to Certificate of Incorporation to eliminate Article VII which states a specified number of directors;
- Amendment to the By-laws of the Company to allow the Board of Directors to set the number of directors at a range from 1 to 11;
- Adoption of 2005 Stock Option Plan.
“We are very pleased to see the support of our shareholders on all proposals” said by Yanlin Han, Chairman and CEO of the Company, “The amendments to our by-laws and Certificate of Incorporation will allow us to expand our board and appoint additional directors. We intend to appoint additional independent board members to meet the American Stock Exchange (AMEX) listing standard, which requires a majority of the Board to be independent directors. In addition, we intend to establish an audit committee and a compensation committee consisting of solely independent directors. The Company is in the final stage of searching for appropriate individuals as the independent Board members who will bring along their valuable experience and creditability for the Company to move forward.
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