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Shareholders Seek Judicial Recount of Unfair Vote

^{Published on 2010-09-10 12:00:48 - Market Wire}
 

TORONTO, Sept. 10 /CNW/ - Augen Capital Corp (TSXV:AUG) ("Augen Capital") shareholders holding the majority of votes cast at the Augen Capital annual meeting on September 8th (the "Augen Shareholders") have today made application to the Ontario Superior Court of Justice (Commercial List) to protect the integrity of the voting process and to declare their slate of directors as elected.  The Court has scheduled this application to be heard on September 23, 2010. 

In connection with the meeting, Augen Shareholders, representing approximately 8.3 million shares, appointed David Mason as their proxy.  Management proxies totaled approximately 6 million shares.  The Augen Shareholders duly voted to install a new board to represent the best interests of all shareholders.  The chair of the meeting, himself a management nominee, ruled that approximately 42% of the 8.3 million Augen Shareholder shares were not eligible to be voted.

The Augen Shareholders are asking the Court to overturn this ruling, arguing that it eviscerated the stated intentions of the majority of shareholders, including shareholders holding 3.5 million votes.  The Augen Shareholders have already cautioned the directors who are purporting to have been elected from taking any steps relating to the company's assets, including its holdings in Augen Gold, pending the judicial process.  

Neither 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.