Alta Natural Herbs & Supplements Ltd.
TSX VENTURE : AHS

Alta Natural Herbs & Supplements Ltd.

May 20, 2015 20:46 ET

Alta Announces Appointment of Special Committee

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2015) - Alta Natural Herbs & Supplements (TSX VENTURE:AHS) (the "Company") announces that its board of directors (the "Board") has appointed a special committee of independent directors (the "Special Committee") to advise the Board with respect to corporate governance matters relating to an existing director and significant shareholder of the Company (the "Director"). In this regard, a number of issues relating to activities of the Director and his possible non-compliance with the Company's Code of Conduct, internal policies and applicable laws have come to the attention of the Company's management and the Board and have been referred to the Special Committee for further investigation. The Special Committee has the mandate to investigate whether there is any evidence of wrong-doing on the part of the Director or any other individual still working for or associated with the Company.

The members of the Special Committee include Mr. Eugene Beukman and Mr. William Xiong. The Special Committee is being advised by McMillan LLP., independent counsel to the Special Committee.

In connection with the formation of the Special Committee, the Board believes it is in the best interests of the Company and its shareholders to cancel the Company's adjourned annual general meeting of shareholders scheduled to reconvene on May 22, 2015 (see the Company's news release of April 27, 2015). It is expected that a new annual general meeting of shareholders will be called in late July or early August, 2015 pending the conclusion of the investigation of the Special Committee and receipt of the Special Committee's findings and recommendations.

The Company does not intend to make any further public statement regarding the matter until the Special Committee has completed its investigation and tabled its recommendations to the Board.

ON BEHALF OF THE BOARD

Jianfang Jin, Chief Executive Officer

Forward-Looking Statements

Cautionary Statement Regarding "Forward-Looking" Information

This News Release contains forward-looking information (collectively, "forward-looking statements"), with the meaning of applicable securities laws regarding the activities of the Special Committee and the holding of an annual general meeting of shareholders. The date of the Company's annual general meeting and activities of the Special Committee may be subject to change.

Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • Alta Natural Herbs & Supplements
    Jianfang Jin
    Chief Executive Officer
    (778) 859-1936
    (604) 247-0892 (FAX)