Cypress Development Re-Elects Five Directors at AGM

Rhea-AI Summary

Cypress Development Corp. (TSX-V: CYP, OTCQB: CYDVF) reported on its annual general meeting held on October 14, 2020. Key outcomes include the re-election of directors William Willoughby, Donald Huston, James Pettit, Donald Myers, and Amanda Chow. Shareholders approved the renewal of the Shareholder Rights Plan, the reappointment of Davidson & Company as auditors, and the renewal of the Incentive Stock Option Plan. Cypress is focused on developing its Clayton Valley Lithium Project in Nevada, which is positioned to impact the lithium supply for the growing energy storage battery market.

Positive

• Re-election of experienced directors enhances corporate governance.
• Approval of the Shareholder Rights Plan to protect shareholder interests.
• Reappointment of Davidson & Company as auditors ensures financial oversight.
• Renewal of the Incentive Stock Option Plan may motivate key personnel.

Negative

• None.

VANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it held its annual general meeting on October 14, 2020. The Company reports that William Willoughby, Donald Huston, James Pettit, Donald Myers and Amanda Chow were re-elected directors of the Company. Shareholders also approved the Company’s Shareholder Rights Plan (see news release September 3^rd), the re-appointment of Davidson & Company, Chartered Accountants, as auditors and approved the renewal of the Company's Incentive Stock Option Plan. 

About Cypress Development Corp.:

Cypress Development Corp. is a publicly traded exploration company focused on developing the Company’s 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress discovered a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier source that has the potential to impact the supply of lithium for the fast-growing global energy storage battery market.

Cypress Development Corp. has approximately 95.5 million shares issued and outstanding.

To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.

CYPRESS DEVELOPMENT CORP.

“Dr. Bill Willoughby”

WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer

For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

FAQ

What were the outcomes of Cypress Development Corp.'s annual general meeting on October 14, 2020?

During the annual general meeting, Cypress Development Corp. re-elected its directors, approved the Shareholder Rights Plan, and renewed its Incentive Stock Option Plan.

Who were re-elected as directors of Cypress Development Corp. in 2020?

The re-elected directors include William Willoughby, Donald Huston, James Pettit, Donald Myers, and Amanda Chow.

What is the purpose of the Shareholder Rights Plan approved by Cypress Development Corp.?

The Shareholder Rights Plan is designed to protect shareholder interests by preventing hostile takeovers.

What is the Clayton Valley Lithium Project?

The Clayton Valley Lithium Project is a 100%-owned asset of Cypress Development Corp. located in Nevada, focusing on lithium resource development.

How many shares does Cypress Development Corp. currently have outstanding?

Cypress Development Corp. has approximately 95.5 million shares issued and outstanding.