Vancouver, British Columbia--(Newsfile Corp. - January 27, 2018) - East Asia Minerals Corporation (TSXV: EAS) ("East Asia Minerals" or the "Company") is pleased to announce that Glass Lewis & Co ("Glass Lewis") supports the election of management's nominees for the board of directors who is currently in place. With regards to the adjournment of the shareholder meeting to Thursday, February 1, 2018, the Company will address the reasons in forthcoming communications.
Glass Lewis is a leading independent corporate governance and proxy advisory firm who provides analysis and vote recommendations intended to assist its clients in making proxy voting decisions. These clients include pension funds, investment managers, mutual funds and other institutional shareholders who rely on Glass Lewis' expert and unbiased recommendation. After carefully reviewing the facts and arguments made by both the Company and Messrs. Vishal Gupta and Patrick Cronin (the "Dissidents"), Glass Lewis has made the following points in recommending a vote FOR the incumbent Board against the Dissident's proposed slate.
"We welcome the unbiased report and recommendation from Glass Lewis," said Terry Filbert, CEO and Chairman of East Asia Minerals. "Glass Lewis' analysis backs our belief that the future of the Company best lies in the hands of the incumbent board who have worked hard to bring the Company back on track since being appointed in March 2017."
On the Dissident's plan- "largely lacking in substance"
- "... the Dissidents have failed to provide shareholders with key details as to how its nominees would go about enacting the Dissidents' plan for the Company...the Dissidents have not outlined a funding plan for the development of the Miwah Project, nor have the Dissidents indicated how its nominees would specifically go about obtaining the requisite government approvals for the project. The Company has also noted that the Aceh Government will not work with the Company's former management...we believe that the Dissidents' plan for the Company is largely lacking in substance."
On the current Board's Plan- "sensible"
- "...by bringing the Sanighe Project into a stage of production and cash flow generation, the Company would be better positioned to internally fund the development of the Miwah Project, as well as rebuild trust and goodwill with the relevant government authorities."
On the Dissidents - "back-door attempt...to gain control"
- "the lead Dissidents (I.e., Messrs. Vishal Gupta and Patrick Cronin) hold leadership roles [President and CEO and Chairman respectively] with a competing mining firm in CGM [California Gold Mining Inc.]. We believe that these factors could perhaps be more indicative of a back-door attempt by the Dissidents/CGM to gain control of the Company, as opposed to a committed major shareholder truly looking to promote positive and proactive changes at the Company."
Overall, the Dissidents have cost the Company significant time and money when it could focused on creating shareholder value. It also bears highlighting that the Dissidents criticism of the current Board's share ownership is hyporcritical when the dissident nominees only own approximately 1.0% of the Company's stock.
The Company would like to thank its shareholders for the tremendous support received to date and to remind those who have not yet voted, that Shareholders still have time to stop the dissident take over. Vote management's WHITE proxy card FOR the recently renewed and current Board.
How to Vote
If you have already voted management's WHITE proxy in support of the current Board, no further action is required. Discard any proxies received from the Dissidents.
If you have not voted or want to change your vote and support the recently renewed Board who is currently in place, you may vote online or by telephone by following the instructions found in the management's WHITE proxy card. The later dated proxy card will count.
Vote using management's WHITE proxy prior to the new deadline on
Tuesday, January 30th at 10 a.m. (Vancouver Time).
Further Information or Voting Assistance
For more information or if you require assistance with voting, please contact the Company's proxy solicitation agent, Laurel Hill Advisory Group at:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 1-416-304-0211
East Asia Minerals Corporation