August 19, 2011 Special Shareholders Meeting
Shareholders at the Company’s recent special shareholders meeting approved the resolution authorizing Azure’s Board to implement a share consolidation on the basis of one new common share for not less than 25 and not more than 40 common shares issued and outstanding immediately prior to such share consolidation. On the shareholder vote at the special shareholder meeting, 67% of the outstanding shares of Azure voted on the resolution and the resolution was passed by 98.9% of votes cast at the meeting. The “Report on Voting Results” from the special shareholder meeting has been filed with SEDAR.
The Board has up to one year from the date of the meeting to proceed with a share consolidation. The Board has not yet made a final determination to proceed with a consolidation or to complete the additional listing application process on the NASDAQ. If the Board decides to proceed with a consolidation, the Company will issue a press release regarding the timing of the process, the consolidation ratio selected by the Board and any additional relevant information for shareholders.