Jul 2 2007
Intertape Polymer Group Inc. announces that its shareholders elected Eric E. Baker, Melbourne F. Yull and H. Dale McSween to the Board of Directors at an annual and special meeting of the corporation held yesterday afternoon.
The shareholders of Intertape Polymer also rejected, by a vote of almost 70%, a special resolution with respect to Intertape Polymer's Plan of Arrangement, providing for the sale of the company. Intertape Polymer has notified the other parties to the Arrangement Agreement that, as a result, the agreement has been terminated.
At a meeting held immediately after the shareholders' meeting, the newly-elected Board of Directors appointed Eric E. Baker as Chairman of the Board and Melbourne F. Yull as Executive Director of Intertape Polymer. The Board of Directors also appointed George J. Bunze to the Board of Directors, pursuant to the company's Articles, so that the Board consists of Eric E. Baker, Melbourne F. Yull, H. Dale McSween and George J. Bunze.
Eric E. Baker, the newly-appointed Chairman of the Board said: "We thank the many shareholders who voted at the meeting. Their message is clear. The new Board of Directors will do everything it can to return Intertape Polymer to a strong financial position."
"We also wish to thank Dale McSween for agreeing to continue on the Board of Directors," added Mr. Baker. "Although Dale is no longer Chief Executive Officer, he will provide important continuity during this transition phase for Intertape Polymer."