SYS-CON MEDIA Authors: Vormetric Blog, Jason Bloomberg, Liz McMillan, Pat Romanski, Elizabeth White

News Feed Item

Banro Reports Strong Support From Shareholders for Management's Director Nominees at Upcoming Annual and Special Meeting on June 27, 2014

Shareholders are asked to vote BLUE proxy before 4:00 p.m. (Toronto time) on Wednesday, June 25, 2014

TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Banro Corporation ("Banro" or the "Company" or "we") (NYSE MKT:BAA)(TSX:BAA) is encouraged to have received strong support from shareholders as well as ISS and Glass Lewis (independent international corporate governance analysis and proxy voting firms) thus far, and asks shareholders that have yet to vote to support management's director nominees to enable the current Board to continue to build the Company and create value for shareholders. Shareholders who have not yet voted should vote their BLUE proxy no later than 4:00 p.m. (Toronto time) on Wednesday, June 25, 2014.

It is important that Banro shareholders understand:


--  This dissident group, with only 1000 shares in their pocket (non-voting
    since they were purchased after the record date), is opportunistically
    trying to steal your company after the hard work in building two mines
    has all been done and Banro has turned the corner leading to full
    production, 
--  This dissident group is attempting to convince shareholders to give them
    the power to potentially destroy what Banro has built over the past 20
    years, 
--  This dissident group is lacking a financial plan, lacking operations
    expertise and lacking credibility, 
--  Various individuals in this dissident group have a string of failed
    ventures, cease trade orders and a bankruptcy in their recent past, as
    we have detailed in a previous press release. 

It is also important that Banro shareholders understand:


--  Banro, in conjunction with our larger shareholders, has been working on
    strengthening our balance sheet, a process which has been interrupted by
    this dissident attack, 
--  Banro's Namoya mine is in hot commissioning right now and ramping up, 
--  Banro's Twangiza mine is reaping the benefits of the expansion program
    carried out throughout 2013 and earlier in 2014, 
--  Banro's proposed board has credible mining experience, credible gold
    mining experience globally and credible gold mining experience in the
    DRC. 

Banro reminds shareholders to support the Company's director nominees at the upcoming meeting in order to put a stop to the disruptive, opportunistic actions of the dissident, Liberty Street Capital Corp. ("Liberty Street").

We have listened to our shareholders and in response, have made great strides in our corporate governance, including undertaking a rigorous board renewal process that resulted in the recent appointment of three new independent directors and an independent chairman. The two leading independent proxy advisory firms - Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC - have recognized our commitment to improvement and have recommended that shareholders vote FOR all of Banro's director nominees on the BLUE proxy.

As you prepare to cast your vote, Banro urges you to not let the dissidents threaten your investment and the Company's future. Do not hand control of Banro to a group of opportunistic dissidents with no defined strategy, limited experience and who own just 1,000 shares. We look forward to your support for Banro's director nominees and urge you to vote only your BLUE proxy prior to the proxy voting deadline of Wednesday, June 25, 2014 at 4:00 p.m. (Toronto time).

We want to remind you of the key reasons you should vote for Banro's director nominees:


1.  Banro has succeeded in building Twangiza, the first new commercial gold
    mine in the Democratic Republic of the Congo ("the DRC") in over 50
    years, and is now commissioning its second mine, Namoya, moving the
    company towards becoming a mid-tier gold producer - all of this in one
    of the most challenging regions of Africa and a declining commodity
    market. 
2.  The Board and management remain focused on gold production from the
    Twangiza and Namoya mines, with longer term objectives that include the
    development of two additional major, wholly-owned gold projects,
    Lugushwa and Kamituga. 
3.  Banro is reaching a milestone in its history where it will be able to
    reap the benefits afforded to a multi-mine company. 
4.  The Board and management have engaged with shareholders and responded to
    concerns by refreshing the Board, adding three new independent directors
    over the past year: Richard Brissenden, Matthys Terblanche and Derrick
    Weyrauch. The Board has also appointed Richard Brissenden as Chairman to
    provide new and independent leadership, established a fully independent
    Nominating Committee and has had a number of incumbent directors resign
    from outside directorships to devote even more time to Banro. 
5.  The development and reorganization of our management team and Board over
    the last year has provided Banro with a team of highly qualified
    industry professionals with extensive gold experience as well as a track
    record of successful operations and government relationships in the DRC.

ATTENTION BANRO SHAREHOLDERS

- Vote your BLUE proxy today to ensure the Company stays on track -

We urge you - our valued shareholders - to protect your investment and reject Liberty Street's attempt to take control of your company.

Regardless of how many shares you own, your vote is important in order to send a message to Liberty Street that you support the current Board and the Company's bright future. It is crucial that you vote your BLUE proxy today. If you have already voted, you can still change your vote, simply by voting your BLUE proxy today. Your later dated BLUE proxy will replace any prior dated green proxy you may have voted and will count.

Your support is critical to delivering on our plans and we ask you to support all resolutions at the meeting. If you have any questions or need assistance in voting your proxy, please contact our proxy solicitor, Kingsdale Shareholder Services.

For further information contact:

Kingsdale Shareholder Services; toll free in North America (1-866-851-3214) or call collect outside North America at 416-867-2272 or via email: [email protected].

Banro Corporation is a Canadian gold mining company focused on production from the Twangiza mine, which began commercial production September 1, 2012, and completion of its second gold mine at Namoya, located approximately 200 kilometres southwest of the Twangiza gold mine. The Company's longer term objectives include the development of two additional major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining license, are located along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, the initial focus of the Company is on the mining of oxide material, which has a low capital intensity to develop but also attracts a lower technical and financial risk to the Company. All business activities are followed in a socially and environmentally responsible manner.

For further Banro information, please visit www.banro.com, or follow the Company on Twitter @banrocorp.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of future gold production (including the timing thereof), and the Company's development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the economic studies of the Company's projects; failure to establish estimated mineral resources and mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurance can be given that the intended levels of gold will be produced); fluctuations in gold prices and currency exchange rates; inflation; gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production) or less than those expected following the expansion of the Twangiza plant; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; political developments in the DRC; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company's activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 29, 2014 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...