FARMINGTON HILLS, Mich., May 6, 2008 (PRIME NEWSWIRE) -- LBO Capital Corp., formerly (Other OTC:LBOC), now (OTCBB:LBOA), a Colorado corporation ("LBO Capital"), announced today that, at its Annual Meeting of Shareholders conducted on April 3, 2008, all seven proposals submitted for a vote to the company's shareholders of record at the close of business on February 19, 2008 were approved by a substantial majority.
Shareholders approved the 1-for-8 reverse split 77.6% to 0.02%. The 1-for-8 reverse split of common stock of LBO Capital will become effective May 7, 2008. LBO Capital will begin trading at the opening on May 7, 2008 on the OTC BB with the symbol "LBOA" and "new" CUSIP no. 501792 30 3.
A Board of Directors was elected by 78% of the shareholders, with no negative votes cast. The members of the LBO Capital Board of Directors are Thomas W. Itin, Salvatore Parlatore, Achille DiNello, William Lopshire and Sebastian Moeritz.
Ratification of appointment of UHY, LLP as auditors was approved 77.65% to 0%.
Shareholders approved filing of Articles of Reinstatement of LBO Capital in Colorado 61.86% to 0%.
Shareholders approved ratification of conversion of debt and cancellation of interest 61.86% to 0%.
Merger of Global Tech International, Inc. and of Advanced Digital Components, Inc. into LBO Capital was approved 61.8% to 0.06%.
Shareholders approved the Stock Option Plan 61.8% to 0.04%.
Chairman Thomas W. Itin announced that LBO Capital's acquisition of 87% of the common stock of Global Tech International, Inc. and 86% of the common stock of Advanced Digital Components, Inc., both Delaware corporations and subsidiaries of Longborough Capital plc, a UK registered company, was approved at the Annual Meeting of Shareholders, and the transaction is now complete. Negotiations are underway to license two intellectual properties, a tire pressure sensor monitor and powder impression molding process (PIM).
Additional acquisitions are under consideration in the fields of technology and intellectual property, particularly those addressing environmental and fuel issues.
Mr. Itin also stated that LBO Capital is developing a website.
Corporate Profile
LBO Capital Corp., founded in 1988, owns 87% of the common stock of Global Tech International, Inc. and 86% of the common stock of Advanced Digital Components, Inc., Delaware corporations and subsidiaries of Longborough Capital plc, a UK registered company. LBO Capital Corp. strives to acquire intellectual property and technology; and further, it actively seeks to identify operating companies which could benefit from licensing its owned technology and intellectual property.
The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release speak only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements.