VANCOUVER, BRITISH COLUMBIA--Forbes Medi Tech Inc. (TSX:FMI; NASDAQ:FMTI) today announced that its Board of Directors was re-elected at the Company's annual general meeting (AGM) held yesterday in Vancouver. Forbes' shareholders also re-appointed KPMG LLP Chartered Accountants as the Company's auditor.
Two items of special business were also approved. The shareholders resolved to allow the Company to issue up to 100 percent of its outstanding shares relative to potential equity private placements over the next year, if required. In addition, the shareholders approved and reconfirmed the Company's Shareholder Rights Plan dated February 9, 1998 as amended and restated on April 28, 2003. A third item of special business, being the increase of the Company's authorized capital to an unlimited number of common and preferred shares, was defeated as the requisite 66.66% majority vote was not obtained. Further information regarding these items of special business is contained in the Company's information circular dated April 30, 2003, which can be found at www.sedar.com.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.