AXPW News, Axion Power Holds Annual Meeting of Stockholders
NEW CASTLE, Pa., Nov. 14 /PRNewswire-FirstCall/ -- Axion Power
International, Inc. (OTC Bulletin Board: AXPW stock) today announced that it held
its Annual Meeting of Stockholders on Wednesday, November 12, at the New
Castle Country Club, 511 Country Club Drive, as scheduled. A quorum of
stockholders was present in person or by proxy.
With over 32.7 million total shares voted at the Meeting, the three
business items were approved with an overwhelming majority of votes cast. The
resolutions carried consisted of the re-election of five directors;
ratification of re-appointment of Rotenberg & Co. LLP as the Company's
independent registered public accounting firm for the current fiscal year; and
authorization of a common share increase from 50 million to 100 million.
The directors re-elected to the Board for new terms are Dr. Igor
Filipenko, Robert G. Averill, Thomas Granville, Michael Kishinevsky and Dr.
Howard K. Schmidt. The approval of the director slate by more than 99% of the
votes cast for each director demonstrates the continued strong shareholder
support for the current Board of Directors. Please refer to Axion's
Definitive 14A filing for complete biographies of the Company's Directors.
Axion has developed and patented a next generation energy storage device
that won the prestigious Frost & Sullivan Technology Award for North America
in the field of lead-acid batteries. According to Frost & Sullivan, Axion's
new PbC(TM) batteries have 'the potential to revitalize the lead-acid battery
industry by breathing new life into an established technology that is not well
suited to the requirements of important new applications like hybrid electric
vehicles and renewable power.'
Axion Power International, Inc. is the industry leader in the field of
lead-acid-carbon energy storage technologies. Axion believes this new battery
technology is the only class of advanced battery that can be assembled on
existing lead-acid battery production lines throughout the world without
significant changes to production equipment and fabrication processes. It also
believes it will be able to manufacture carbon electrode assemblies in volume
at low cost using standard automated production methods that are commonly used
in other industries. If and when its electrode manufacturing methods are fully
developed, Axion believes it will be able to sell carbon electrode assemblies
as virtual plug-and-play replacements for lead-based negative electrodes used
by all other lead-acid battery manufacturers. Axion's goal is to become the
leading supplier of carbon electrode assemblies for the lead-acid battery
industry. For more information, visit www.axionpower.com.
Contact: Allen & Caron Axion Power International Inc www.allencaron.com www.axionpower.com Rudy Barrio (investors) Kelly Gubish Brian Kennedy (media) 724 654 9300 212 691 8087 kgubish@axionpower.com r.barrio@allencaron.com brian@allencaron.com
