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SmarTire Announces Changes to Board of Directors
Moves Reflect Long-Term Corporate Strategy
RICHMOND, British Columbia, May 10, 2007 /PRNewswire-FirstCall via COMTEX/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR) today announced several changes to its board of directors and leadership structure, and CEO David Warkentin commented on the company's long-term corporate strategy. Former Chairman of the Board Robert Rudman and director Johnny Christiansen have resigned in order to pursue other opportunities. William Cronin, a board member since 2001, and previously from 1995 to 1998, has been appointed to serve as Interim Chairman. David Warkentin, SmarTire's CEO, said, "We wish Robert and Johnny all the best in their future endeavors, and appreciate their efforts in getting SmarTire to this point in our corporate evolution."
Messrs. Rudman and Christiansen have agreed to accept 5,719,601 common shares of the company in lieu of approximately US$113,000 in outstanding director's fees.
In other board news, David Warkentin and George O'Leary have joined the board of directors. Mr. O'Leary is the CEO of SKS Consulting, which he formed in 2000 with the mission to help companies focus on executing their core business strategy. SKS Consulting is currently a consultant to SmarTire. From 1996 to 2000, Mr. O'Leary was CEO and President of Communication Resources Inc., where annual revenues grew from $5 million to $40 million during his tenure.
"These changes reflect SmarTire's growth process and strategic focus," Warkentin said. "As we move into an era in which the trucking and fleet industry becomes our primary market, we are focused on our products, and on taking SmarTire to a higher performance level with efficient operations, increased revenues and profits. We plan to focus on fiscal disciplines and demonstrating our achievements to shareholders through clearer communications and a more focused strategy."
As part of its focus on better communications with shareholders, SmarTire also announced today that it has engaged the services of Walek & Associates, a New York-based public relations and investor relations agency.
The company also announced that it has promoted Greg Tooke to Vice President, Product and Supply Chain. A nine-year SmarTire veteran, Tooke was previously Director of Business and Product Development.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Resignation of Directors .
On May 7, 2007, Robert Rudman resigned from our board of directors for personal reasons, and he did not have any disagreement with our company or any matter relating to our operations, policies or practices. In connection with his resignation, we entered into an agreement with Mr. Rudman that provides for:
1. the termination of Mr. Rudman’s consulting agreement with our company.
2. the expiration of all stock options previously granted to Mr. Rudman on the date that is thirty days after the date of his resignation except for 5,840,000 stock options that were granted to Mr. Rudman on December 20, 2004, which will remain exercisable into shares of our common stock at $0.03 per share until December 19, 2009.
3. payment of past due director fees of US$72,525 by the issuance of 3,679,604 shares of our common stock.
4. Mr. Rudman’s continued agreement to sell shares of common stock of our company owned by him in accordance with the terms of certain lock-up agreements entered into by him with certain investors in our company in connection with financing transactions in which our company raised money through the sale of equity securities.
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jdiddy looks like you where right with PERT on the ask all day looks like they will be adding 3,679,604 shares to this .. from pinksheets: Outstanding Shares: 335,335,449 as of 2007-03-01
Estimated Market Cap: 5.365M as of 2007-05-09 (based on Outstanding Shares as of 2007-03-01) So really it is only going to dilute only less than 1% to the OS so this should not shake it too bad... BUT you know how people are when they hear news of dilution.. The options that Rudman has are good for .03 per share until Dec 2009 Any opinions ?? Mine suck lately
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well looks like L2s this morning have PERT setting on .025 down the list and I know they can lower at any time, and ask is sitting at .017 now ,,but today Might be interesting because if PERT is there to sell shares for Rudman maybey they will run it up as high as it will allow before adding shares to the market.. Just my opinion,,, If I am thinking wrong I am open to all suggestions on what might happen here ..
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Question here please,, PERT has been on this all morning at .0165 ,My L2s still show him on it and buys went through at .018 and the ask is still .018 but L2s showing PERT still at .0165 on ask.. Does anyone show diffent on their L2s?
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thanks for all the info gary...been out fishing since thurs...nice to see the stock closed better friday..well see what monday brings
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OK back from work , looks like its holding it own,, and a little volume here.. seems like a lot of support at .02 anyway it doesnt like to stay under 2 very long.. Looking good keeping .02 level
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Looks like this one is starting to move back up a little . Volume up from yesterady and up 11.8% this morning , and chart looks like MACD and RSI getting ready to cross..
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