Arabian American Development Announces Approval of All Proposals at 2008 Annual Shareholders' Meeting
Four Proposals Presented and Approved by Shareholders
DALLAS, July 14 /PRNewswire-FirstCall/ -- Arabian American Development Co. (Nasdaq: ARSD) announced today that all proposals presented at its annual shareholders' meeting held on July 10, 2008 were approved by the Company's shareholders. The four matters presented and approved by shareholders were: 1) Nicholas Carter, Charles Goehringer, and Mohammed O. Al-Omair were each re-elected as directors for three year terms, 2) the firm of Moore Stephens Travis Wolff, LLP was approved as independent auditor for the coming year, 3) the Non-Employee Director Stock Option Plan was approved and, 4) the Stock Option Plan for Key Employees was approved.
The 2008 Annual Meeting of Shareholders was held at 10:00 a.m. CDT at the Company's Sugar Land sales office, located at 1600 Highway 6 South, Suite 240, Sugar Land, TX.
About Arabian American Development Company (ARSD)
Arabian American owns and operates a petrochemical facility located in southeast Texas just north of Beaumont, specializing in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and is now a 50% owner of a joint venture in a mining project in the Al-Masane area of Saudi Arabia which is under construction and is scheduled to be in production in late 2010. The mine will produce economic quantities of zinc, copper, gold, and silver.
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon Management's belief as well as assumptions made by and information currently available to Management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's annual Report on Form 10-K for the year ended December 31, 2007 and the Company's subsequent Quarterly Report Forms 10-Q.
Company Contact: Nick Carter, Executive Vice President and Chief Operating Officer (409) 385-8300 firstname.lastname@example.org Investor Contact: Cameron Donahue or Brett Maas Hayden Communications (651) 653-1854 Cameron@haydenir.com
SOURCE Arabian American Development Co.