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Press release from Marketwire

Automodular Reports Shareholder Approval of Stated Capital Reduction, Amendments to By-Law No. 1 and Results of Voting for Directors at Annual and Special Shareholders' Meeting

Monday, May 12, 2014

Automodular Reports Shareholder Approval of Stated Capital Reduction, Amendments to By-Law No. 1 and Results of Voting for Directors at Annual and Special Shareholders' Meeting

14:29 EDT Monday, May 12, 2014

AJAX, ONTARIO--(Marketwired - May 12, 2014) - Automodular Corporation ("Automodular" or the "Corporation") (TSX:AM) is pleased to announce that, at its May 8, 2014 annual and special shareholders' meeting, the shareholders approved the reduction of the stated capital of its common shares by $19,378,904. The reduction was not accompanied by a distribution to shareholders. The Board of Directors believes that the reduction of stated capital will provide the Corporation more flexibility in managing its capital structure on a going forward basis. The reduction in stated capital became effective immediately upon approval by the shareholders.

The shareholders also confirmed certain amendments to the indemnification provisions in Article 6 of By-Law No. 1, a by-law relating generally to the transaction of business and affairs of the Corporation. Article 6 deals with the protection of officers and directors and the purpose of the amendments is to provide certainty to the officers and directors of the Corporation as to their right to be indemnified by the Corporation against costs, charges and expenses reasonably incurred by them in proceedings in which they become involved because of their association with the Corporation.

Automodular is also pleased to announce the results of the vote on the election of directors at its May 8th meeting. Issuers listed on the Toronto Stock Exchange are required to issue a press release providing detailed voting information.

Each of the seven nominee directors listed in the Corporation's management proxy circular dated March 28, 2014 was elected as a director on a show of hands. The Corporation received proxies directing votes with regards to voting for the seven nominees as set forth in the table below:

Name of Nominee Vote For % Withhold Vote %
Len Crispino 8,017,849 99.45 44,360 0.55
Rodney Hill 8,018,699 99.46 43,510 0.54
Parsa Kiai 8,042,749 99.41 19,460 0.24
R. Peter McLaughlin 8,014,449 99.41 47,760 0.59
Ralph Neville 8,014,149 99.40 48,060 0.60
Christopher Nutt 8,042,849 99.76 19,360 0.24
Rae Wallin 8,011,149 99.37 51,060 0.63

Automodular Corporation is a supplier of sub-assembly, sequencing, and transportation services to the automotive industry - Ford's Oakville Assembly Plant. The Corporation has two operating facilities and employs approximately 525 people.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Automodular Corporation
Christopher S. Nutt
President and CEO
(905) 619-4202
invest@automodular.com

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