LAS VEGAS, Sept 15, 2010 /PRNewswire via COMTEX/ -- At its
regularly scheduled meeting on September 14, 2010, the Board of Directors of
American Pacific Corporation (the "Company" or "AMPAC") (Nasdaq: APFC) took the actions summarized below:
- Recommended that
shareholders at the next Annual Meeting amend AMPAC's Certificate of
Incorporation to replace the 80% vote requirement for director election
with a simple majority vote requirement.
- Amended the
By-Laws to move the advance notice requirements for shareholder
proposals and nominations for the Board of Directors 30 days closer to
the date of each Annual Meeting.
- Suspended the
effectiveness of the Company's Shareholder Rights Plan.
"Our board is committed to providing corporate governance
that serves the best interests of all of AMPAC's stakeholders. We believe
that the recent actions are appropriate in today's business environment and
consistent with the views of the majority of our shareholders," stated
Joe Carleone, Chief Executive Officer.
ABOUT AMERICAN PACIFIC CORPORATION
American Pacific Corporation (AMPAC) is a leading custom
manufacturer of fine chemicals, specialty chemicals and propulsion products
within its focused markets. We supply active pharmaceutical ingredients and
advanced intermediates to the pharmaceutical industry. For the aerospace and
defense industry we provide specialty chemicals used in solid rocket motors
for space launch and military missiles. AMPAC also designs and manufactures
liquid propulsion systems, valves and structures for space and missile
defense applications. We produce clean agent chemicals for the fire
protection industry, as well as electro-chemical equipment for the water
treatment industry. Our products are designed to meet customer specifications
and often must meet certain governmental and regulatory approvals. Additional
information about us can be obtained by visiting our website at www.apfc.com.
SOURCE American Pacific Corporation