VANCOUVER, BC--(Marketwired - July 03, 2015) - Urban Communications Inc. (TSX VENTURE: UBN) announces that its Annual General Meeting was held on June 30, 2015, at the Pinnacle Hotel Vancouver Harbourfront. The Scrutineer's Report indicated that there were 56 persons present in person or by proxy holding 54.28% of the Company's issued stock. The high level of attendance indicated widespread interest in the affairs of the Company and is unprecedented in the Company's history. The Chair declared the meeting to be duly constituted and dealt with all matters on the agenda as set out in the Notice of Meeting.
All agenda items were passed with overwhelming approval by the shareholders in accordance with the recommendations of management, including election of the entire management slate of five directors and ratification of the Company's Advance Notice Policy adopted April 24, 2015. Notwithstanding that an alternate slate of five directors was nominated by a dissident shareholder, the five management nominees were elected with not less than 99.96% of the votes cast, the balance being votes withheld or abstentions, and none of the nominated alternate directors received any votes.
After the meeting John Farlinger, the Company's Chief Executive Officer, presented a very positive report on the Company's business and stated that residential and commercial customer penetration rate and average revenue per user have exceeded projections. He then outlined the Company's business plan for the next 12 months which is to focus on connecting new commercial buildings primarily, and adding new commercial and residential products. There were no questions from the audience but the general sense from interaction of management with the shareholders in attendance was exceedingly positive and supportive of management in its results to date and future course of action.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX VENTURE: UBN), through its operating subsidiaries, is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its state-of-the-art carrier grade fibre optic network to commercial, residential and public sector customers. The Company's fibre optic network covers 200 km. across metro Vancouver and Victoria and has a potential serviceable market of 850,000 residential units and 80,000 commercial enterprises. Urban has recently launched high-speed Internet service to residential and commercial subscribers on its network at 1,000 Mbps (1 Gbps).
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