X-Message-Number: 830
Date: Sun, 17 May 92 18:01:24 -0700
From:
Subject: Minutes of Shareholders' Meeting
MINUTES OF THE SEVENTEENTH ANNUAL MEETING OF
TRANS TIME, INC. SHAREHOLDERS
April 26, 1992
10208 Pearmain St.
Oakland, CA 94603
The Annual Meeting of Shareholders was called to order by President
Art Quaife at 1:25 P.M. The President announced that this was Trans
Time's twentieth year of existence--there were no shareholders for
the first three years. The following persons were present:
Shareholders Guests
Carmen Brewer Avi Ben-Abraham, M.D.
Peter Christiansen Michael Breen, M.D.
John Day Bob Cowan
Stephen Kehrer Kathryn Her
Norm Lewis Dick Marsh, Ph.D.
Art Quaife, Ph.D.
Judy Segall
Paul Segall, Ph.D.
Hal Sternberg, Ph.D.
Jerry White
Annie Yount
Jim Yount
Quorum
Proxies representing 809,465 shares out of 1,041,615 outstanding
common shares were mailed in or presented at the meeting. The
quorum requirement is that at least 50% of the outstanding common
shares be represented. A quorum was thus achieved with 78% of the
total shares represented.
Approval of Agenda
The agenda was approved with no additions or changes.
Financial Summary of 1991
A Financial Statement for 1991 has been mailed to all shareholders
and was available for those present. President Art Quaife reported
that 1991 was easily the best year yet for Trans Time. The net
profit was $230,000--largely due to the sale of our Cryomedical
Sciences stock. Trans Time has now shown a profit in four years out
of the last five. Working capital increased by $157,000 to
$230,000. Total assets increased by $423,000 to $618,000.
Shareholders' equity increased by $305,000 to $495,000.
Other significant financial developments included a 50-for-1 stock
split, and an elimination of pre-emptive rights, facilitating the
sale and transfer of Trans Time stock. Trans Time also now has an
open Stock Offering of 244,600 shares at $1.40 per share, of which
it has sold approximately one-seventh.
Election of Directors
A management slate of seven candidates had been selected for
nomination by the Board. President Art Quaife asked for further
nominations for candidates from the floor. John Day placed the
following names in nomination: Dr. Avi Ben-Abraham, Jerry White,
Annie Yount, and H. Jackson Zinn. John Day, Stephen Kehrer, and
Jerry White also submitted additional ballots to Art Quaife. Norm
Lewis and Judy Segall, as proxies nominated by the Board, directed
that the shares they were authorized by shareholders to cast be
divided equally among all the management candidates. Kathryn Her
had been appointed the Inspector of Elections by the President. She
reported the following vote totals:
Jerry White 875,000
Avi Ben-Abraham 875,000
Hal Sternberg 762,988
Art Quaife 632,460
Annie Yount 590,099
Norm Lewis 500,030
Judy Segall 435,852
----------------------------------------
Stephen Kehrer 424,960
Carmen Brewer 284,960
Peter Christiansen 284,905
Jack Zinn 1
There were 5,666,255 votes cast out of a possible 7,291,305. The
top seven individuals listed above were elected.
Art welcomed the new members to the Board and presented them with
copies of the Corporate Director's Guidebook published by the
American Bar Association.
There being no other business, the Annual Meeting of Shareholders
was adjourned by President Art Quaife at 2:10 P.M.
Judy Segall
Secretary
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