Leisure Canada Inc.
TSX VENTURE : LCN

September 30, 2011 08:15 ET

Leisure Canada Announces the Results of Its Annual and Special Meeting

MONTREAL, QUEBEC--(Marketwire - Sept. 30, 2011) - Leisure Canada Inc. (TSX VENTURE:LCN) (the "Company") today announced the results of its Annual and Special Meeting of Shareholders (the "Meeting") held on September 26, 2011. Full details of the meeting are set out in the Notice of Meeting and Information Circular issued in connection with the Meeting, which is available at www.sedar.com.

The following matters were voted on at the Meeting:

1. Fixing the Number of Directors at Six (6) 99.9% of the votes cast were in favour of fixing the number of directors at six (6).
2. Authorizing the Directors to Fix the Number of Directors From Time to Time 99.5% of the votes cast were in favour of authorizing the directors to fix the number of directors from time to time.
3. Election of Directors 99.8% of the votes cast were in favour of the election of Ned Goodman, Robin Conners, Brahm Gelfand, David Oliver, Ronald Singer and Arnold Cader as directors of the Company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed.
4. Appointment of KPMG LLP as Auditor 99.7% of the votes cast were in favour of the appointment of KPMG LLP as the Company's auditor until the next annual meeting of shareholders or until its successor is duly appointed.
5. 360 VOX Transaction 99.8% of the minority votes cast were in favour of the 360 VOX Transaction as set out in Appendix "B" to the Notice of Meeting and Information Circular.
6. Name Change 99.4% of the votes cast were in favour of the name change to 360 VOX Corporation, subject to regulatory approvals.
7. Reduction in Stated Capital 99.3% of the votes cast were in favour of the reduction of the Company's stated capital from $32,348,609 as at June 30, 2011 to $Nil.

After the Meeting, the Board of Directors approved the following appointments to serve in those capacities until the next annual meeting of shareholders:

  • Ned Goodman as Chairman of the Board of Directors
  • Robin Conners as President and Chief Executive Officer
  • Colin Yee as Chief Financial Officer and Corporate Secretary

The following directors were appointed to the following committees:

  • Audit Committee: Ronald Singer (Chair), Brahm Gelfand, David Oliver, Arnold Cader
  • Compensation Committee: David Oliver (Chair), Brahm Gelfand, David Oliver, Arnold Cader
  • Corporate Governance and Nominating Committee: Brahm Gelfand (Chair), David Oliver, Arnold Cader, Ronald Singer

Robin Conners, the Company's President and CEO, comments, "The Company would like to thank its shareholders for their continued support and on behalf of myself and the Company, we welcome Arnold Cader as the newest member of our Board of Directors. Mr. Cader's background, including his experience with Four Seasons Hotels, will be invaluable as we move forward."

On Behalf of the Board of Directors

Robin Conners, President and CEO

About Leisure Canada Inc.

Leisure Canada Inc. is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "LCN". The Company is engaged in the business of developing hotel, resort and commercial properties in Cuba through its wholly-owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A., an agency of the Cuban government.

For further information on the Company please visit our website at www.leisurecanada.com. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These forward-looking statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

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