Clifton Mining Company (OTCBB: CFTN) Announces Annual Meeting Voting Results

Rhea-AI Summary

Clifton Mining Company (OTCBB: CFTN) held its annual meeting on October 11, 2024, at Fox Hollow Golf Club in American Fork, Utah. Shareholders approved the election of two director nominees, Stanley J. Cutler and Robert J. Holladay, each receiving over 66% of votes. The appointment of MAC Accounting Group, LLP as independent auditors was ratified with 91% approval.

Paul Schwitzer from American Biotech Labs reported a 20% increase in product sales for 2024 compared to 2023, with profit margins rising to 15%. Amazon sales have grown significantly, and 70% of first-time users have reordered products. Jerry North, consulting geologist, presented findings on Clifton properties, identifying five areas for further exploration and potential Wollastonite deposits.

Positive

• Product sales for 2024 are up more than 20% compared to 2023
• Profit margin increased to around 15% due to lower legal expenses and better discounts
• Amazon sales have grown significantly over the past two years
• 70% of first-time users have re-ordered the products
• Five major areas identified for further exploration in Clifton properties
• Potential mineral deposit of Wollastonite discovered

Negative

• None.

AMERICAN FORK, Utah, Oct. 18, 2024 /PRNewswire/ - Clifton Mining Company (OTCBB: CFTN) (the "Company") – "Annual Meeting Voting Results"

Clifton Mining Company held its annual meeting at 12:30 pm on October 11, 2024 at the Fox Hollow Golf Club in American Fork, Utah.  The Company reports that shareholders approved the election of each of the two (2) director nominees. Each director nominee received affirmative votes from approximately 66% or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):

Director Nominee (Term)	For
Stanley J. Cutler (Term expiring 2027)	93 %
Robert J. Holladay (Term expiring 2027)	71 %

Shareholders also ratified the appointment of MAC Accounting Group, LLP as the Company's independent auditors, with affirmative votes from approximately 91% of the shares voted. The Board of Directors had recommended a vote for this proposal.

Two reports were given at the meeting, one from Paul Schwitzer, Vice President of Marketing and Sales for American Biotech Labs, LLC a wholly owned American Silver, LLC entity, of which the Company is a Member.  Mr. Schwitzer reported that product sales for 2024 are currently up more than 20% over 2023, with the current profit margin also increasing to around 15%, due to lower legal expenses and some better discounts due to increased quantity purchases.   Amazon sales have also grown significantly over the past two years.  A remarkable 70% of first-time users have re-ordered the products.  The company has continued to focus on increasing sales in the medical supply markets.

Jerry North, consulting geologist, provided a summary of the extensive report he completed on the Clifton properties.  He identified five major areas in which the underlying geology along with his sampling merit further exploration.  Mr. North also indicated that there is information on a potential mineral deposit of Wollastonite.  Wollastonite (CaSiO3) is widely used in ceramics, in paints (increasing durability), in plastics and rubber (increasing tensile and flexural strength), and in construction (as a substitute for asbestos), and recently, in cement and concrete.

The meeting adjourned at 2:30 pm.

Clifton trades on the OTC Markets under the symbol: "CFTN". 

Note: Any statements released by Clifton Mining Company that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Editors and investors are cautioned that forward looking statements invoke risk and uncertainties that may affect the company's business prospects and performance.

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SOURCE Clifton Mining Company

FAQ

What were the voting results for Clifton Mining Company's (CFTN) 2024 annual meeting?

At Clifton Mining Company's (CFTN) 2024 annual meeting, shareholders approved the election of two director nominees, Stanley J. Cutler and Robert J. Holladay, each receiving over 66% of votes. The appointment of MAC Accounting Group, LLP as independent auditors was also ratified with 91% approval.

How has Clifton Mining Company's (CFTN) product sales performance been in 2024?

According to the report at the annual meeting, Clifton Mining Company's (CFTN) product sales for 2024 are currently up more than 20% compared to 2023, with profit margins increasing to around 15% due to lower legal expenses and better discounts from increased quantity purchases.

What potential mineral deposits were mentioned in Clifton Mining Company's (CFTN) 2024 annual meeting?

At Clifton Mining Company's (CFTN) 2024 annual meeting, consulting geologist Jerry North reported potential mineral deposits of Wollastonite on the Clifton properties. Wollastonite is used in ceramics, paints, plastics, rubber, construction, and recently in cement and concrete.