CLEARWATER, FL -- (Marketwire) -- 04/20/12 -- Shareholders for ValCom, Inc. (PINKSHEETS: VLCO) announced today that a special shareholder meeting called by ValCom shareholders took place on Thursday, April 12th in Largo, FL.
Shareholders called the meeting in order to address an ongoing management/board dispute and to resolve issues related to the capitalization of the stock structure. Although the current board asked the Court of Chancery to issue an injunction to stop the meeting from going forward, the Court declined to do so.
The current board of directors then publicly announced that the meeting was "adjourned." Several shareholders received telephone calls telling them that the meeting had been adjourned. This was incorrect and improper as there cannot be an "adjournment" until the meeting is called to order.
Next, current CEO Tim Harrington attended the meeting and attempted to adjourn it. However, he lacked authority under the company bylaws to do so, as the bylaws require any adjournment to be by the Chairman of the Board, the President or a Senior Vice President, and Mr. Harrington had not been named to any of those positions.
ValCom shareholders overwhelmingly voted in favor of 2 items.
The first item voted in Vince Vellardita, Nalin Rathod, Rahul Rathod, and Frank O'Donnell as members for the Board of Directors with Vince Vellardita as Chairman/CEO.
The 2nd item ratified an amendment of Certificate of Incorporation filed with the Delaware Secretary of State on February 25, 2011, providing that the total number of shares ValCom, Inc. shall have authority to issue is 581,000,000, of which 500,000,000 shares are Common Stock, $.001 par value ("Common Stock"), 50,000,000 shares are Preferred Stock Series A, $.001 par value ("Preferred Stock A"), 1,000,000 shares are Preferred Stock Series B, no par value ("Preferred Stock B"), 5,000,000 shares are be Preferred Stock Series C, no par value ("Preferred Stock C"), and 25,000,000 shares are be Preferred Stock Series D, $.001 par value ("Preferred Stock D").
124 shareholders participated in the vote. Item #1 passed with 93,767,864 shares voted in favor of the item. Item #2 passed with 83,823,680 shares voted in favor of the item.
About ValCom, Inc.
Based in Clearwater, FL, ValCom, Inc. is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. ValCom, Inc., through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of television and film production, broadcasting (My Family TV Network: www.myfamilytv.tv), distribution, and live theatre. ValCom's client list consists of all of the majors such as MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and more.
For more information, please visit the company's website at www.valcom.tv or contact Investor Relations at (973) 351-3868.
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