ATS board of directors resigns to ensure orderly transition to new board
CAMBRIDGE, ON, Sept. 12 /CNW/ - ATS Automation Tooling Systems Inc. today announced that, following a review of all proxies submitted by shareholders of the Company, its board of directors will resign at 10:00 a.m. eastern on September 13, 2007. This will allow tomorrow's annual meeting of shareholders to proceed on an orderly basis with the election of the new directors outlined in the information circular of Goodwood Inc. and Mason Capital Management, LLC dated September 5, 2007.
The outgoing board and the new incoming directors believe this action serves the best interests of ATS. As a result of this move, tomorrow's annual meeting of shareholders will be procedural in nature (i.e. involving only director elections and the reappointment of auditors). Neither management, the outgoing board nor the new directors intend to give any presentations or make any statements at the meeting. The new board will be meeting immediately following the shareholders' meeting and it is expected that further announcements will follow in due course.
The incoming directors are Neil Arnold, John K. Bell, J. Cameron McDonald, Michael E. Martino, Gordon Presher, Peter H. Puccetti and Neale X. Trangucci.
Concurrent with the board's decision to resign, the Company's President and Chief Executive Officer, Ron Jutras, has resigned effective September 12, 2007. Gerry Beard has also resigned as Vice-President and Chief Financial Officer but will be remaining with the Company to assist with the transition.
ATS Automation Tooling Systems Inc. provides innovative, custom designed, built and installed manufacturing solutions to many of the world's most successful companies. Founded in 1978, ATS uses its industry-leading knowledge and global capabilities to serve the sophisticated automation systems' needs of multinational customers in industries such as healthcare, computer/electronics, automotive and consumer products. It also leverages its many years of repetitive manufacturing experience and skills to fulfill the specialized repetitive equipment manufacturing requirements of customers. Through its solar business, ATS participates in the growing solar energy industry and through its precision components business it produces, in high volume, precision components and subassemblies. ATS employs approximately 3,500 people at 24 manufacturing facilities in Canada, the United States, Europe, southeast Asia and China. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company's website at www.atsautomation.com.
For further information:
Carl Galloway, Vice-President and Treasurer