HONG KONG, CHINA--(Marketwired - Feb 8, 2017) - OLISOL Petroleum Limited ("Olisol") announces today that it has formally challenged the proceedings undertaken at the Extraordinary General Meeting of Shareholders of Tethys Petroleum Limited ("Tethys") held in Atlanta, Georgia on January 27, 2017 (the "Meeting"), as well as the validity of the two resolutions ("Resolutions") purportedly authorized at the Meeting. In this regard, Olisol, through its counsel, wrote to the board of directors of Tethys ("Board") on February 8, 2017, setting out the reasons why it believes the Resolutions were not properly authorized and its view that there were procedural irregularities that affected the outcome of the Meeting.
In summary, Olisol believes that the Notice of Extraordinary General Meeting of Shareholders and Management Information Circular of Tethys dated December 22nd, 2016 (the "Information Circular") prepared and disseminated by Tethys in connection with the Meeting, failed to provide all material information required by Tethys' shareholders in order to form a reasoned view on how to vote on the Resolutions, as required by applicable securities laws, and failed to meet the form requirements prescribed by such laws. Olisol also believes that there were serious procedural irregularities at the Meeting, the result of which cast doubt as to the validity of its proceedings. Olisol's belief that there have been serious disclosure failures and procedural irregularities is particularly distressing given that one of the principal reasons for holding the Meeting was to seek the authorization of a related party transaction between Tethys and an affiliate of an entity of which the Chairman of Tethys is a principal shareholder and senior executive.
Mr. Alexander Skripka, Executive Director of Olisol, and Olisol's representative at the Meeting stated:
"I sought to present information at Tethys' shareholders meeting that was not disclosed in its information circular that I believed was highly relevant to the resolutions being considered. I was not allowed to present this information and as such, many Tethys shareholders will be distressed to learn that they voted on resolutions without being informed of all of the material facts. Olisol intends to contest the results of the meeting with the appropriate corporate authorities, stock exchanges and security law administrators."
Olisol recommends that other shareholders of Tethys who have concerns regarding the Information Circular, the Meeting or the Resolutions, should contact the Board to express their views.