Burcon Announces Results of Shareholder Meeting

Rhea-AI Summary

Burcon NutraScience (TSX: BU) (OTCQB: BRCNF) held its 2024 annual general and special meeting on September 18, 2024. All eight nominees proposed for the board of directors were elected. Shareholders approved the appointment of KPMG LLP as auditors, the warrants issued to John A. Vassallo, and authorized the board to effect a potential share consolidation.

James Pekar, with over 30 years of experience in the dairy and food industry, was elected as a new director. Pekar founded First Choice Ingredients, which he sold to DSM for US$460 million in 2021. He currently holds approximately 2.2% of Burcon's outstanding common shares. Dr. Lorne Tyrrell retired from the board and did not stand for re-election.

Positive

• All eight nominated directors were successfully elected
• Shareholders approved key resolutions including appointment of auditors and potential share consolidation
• New director James Pekar brings extensive industry experience and successful entrepreneurial background
• Pekar holds a significant 2.2% stake in the company, aligning his interests with shareholders

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 18, 2024) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) (the "Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce the results from its 2024 annual general and special meeting of shareholders (the "Meeting") held on September 18, 2024. All of the eight nominees set out in Burcon's management proxy circular dated August 1, 2024 proposed by management for election to the board of directors at the Meeting were elected to the board. Each director elected will hold office until the conclusion of the next annual general meeting of shareholders of Burcon or until his or her successor is elected or appointed, unless his or her office is earlier vacated in accordance with Burcon's articles or with applicable law.

The results of the voting on the election of the directors are as follows:

Director Nominee	Votes For	% Votes For	Votes Withheld	% Votes Withheld	Non Votes
Alan Chan	46,744,726	99.37	296,474	0.63	2,796,416
Peter H. Kappel	46,793,243	99.47	247,957	0.53	2,796,416
Debora S. Fang	46,743,506	99.37	297,694	0.63	2,796,416
Jeanne McCaherty	46,703,272	99.28	337,928	0.72	2,796,416
Alfred Lau	46,655,362	99.18	385,838	0.82	2,796,416
Aaron T. Ratner	45,896,906	97.57	1,144,294	2.43	2,796,416
John A. Vassallo	46,403,436	98.64	637,764	1.36	2,796,416
James Peter Pekar	46,792,656	99.47	248,544	0.53	2,796,416

 

Shareholders of the Company also approved the appointment of KPMG LLP as auditors of the Company, the warrants issued to John A. Vassallo and authorized the board of directors to effect, at its discretion, a consolidation of all of the issued and outstanding common shares of the Company.

Burcon is also pleased to announce that, Mr. James Pekar was elected as a director of the Company. Mr. Pekar has over 30 years' of experience in the dairy and food industry. Born and raised in Wisconsin, United States, Mr. Pekar received a full athletic scholarship to attend the University of Iowa to play football. His football career spanned from 1978 to 1987, from playing with the Iowa Hawkeyes to the LA Express and San Antonio Gunslingers, two USFL football teams. In 1994, Mr. Pekar started a dairy based enzyme-modified reaction company, named First Choice Ingredients, which specialized in reaction, fermentation and distillation technologies. First Choice became world renowned for developing dairy based flavor systems and dairy notes using cultures and enzymes in the fermentation process. Started in the basement of his first home, Mr. Pekar grew First Choice from one employee to over 150 employees and three plants (which included 150,000+ square feet of office and manufacturing space) and operated the business successfully for 27 years. In 2021, Mr. Pekar sold First Choice to international powerhouse DSM for US$460 million. Mr. Pekar currently holds approximately 2.2% of Burcon's issued and outstanding common shares.

Dr. Lorne Tyrrell retired from the board of directors and did not stand for re-election at the Meeting this year. The board of directors of Burcon would like to extend its sincerest gratitude to Dr. Tyrrell for his valuable contributions to the board of Burcon during his tenure.

About Burcon NutraScience Corporation

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is committed to delivering next-generation, best-in-class protein solutions, positioning itself as a key player in the rapidly expanding plant-based market. Supporting the growing trend towards a plant-based diet, Burcon offers sustainable protein ingredients that we believe are better for you and better for the planet. For more information, visit www.burcon.ca.

Forward-Looking Information Cautionary Statement

The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2024 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.

Industry and Investor Contact
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223797

FAQ

What were the key outcomes of Burcon NutraScience's (BRCNF) 2024 annual general meeting?

The key outcomes were the election of all eight nominated directors, approval of KPMG LLP as auditors, authorization for potential share consolidation, and the election of James Pekar as a new director with significant industry experience.

Who is the newly elected director of Burcon NutraScience (BRCNF) and what is his background?

James Pekar was elected as a new director. He has over 30 years of experience in the dairy and food industry, founded First Choice Ingredients which he sold for US$460 million, and currently holds about 2.2% of Burcon's outstanding shares.

What percentage of votes did the elected directors of Burcon (BRCNF) receive in the 2024 shareholder meeting?

All elected directors received over 97% of votes in favor, with most receiving over 99% approval from voting shareholders.

Did Burcon NutraScience (BRCNF) shareholders approve a potential share consolidation in the 2024 meeting?

Yes, shareholders authorized the board of directors to effect a consolidation of all issued and outstanding common shares of the company at their discretion.