NEW CASTLE, Pa., July 22, 2011 /PRNewswire/ -- Axion Power International, Inc. (OTCBB: AXPW) today announced that it held its 2011 Annual Meeting of Stockholders Wednesday, July 20, 2011 at the New Castle Country Club, 511 Club Drive as scheduled. A quorum of stockholders was present in person or by proxy.
With 62.8 million total shares voted at the Meeting, the three management proposals presented to the shareholders were each approved by an overwhelming majority of the votes cast. The strong affirmation of these proposals was led by the line item which sought to increase the number of authorized common shares from 125 million to 200 million. This proposal received 59.9 million votes (95% of the votes cast) in favor of the share increase. The other resolutions that carried consisted of re-election of two directors, Michael Kishinevsky and Howard K. Schmidt, Ph.D. and the ratification of EFP Rotenberg, LLP, as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2011.
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that is not well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."Axion Power International, Inc. is the industry leader in the field of lead-acid-carbon energy storage technologies. Axion believes this new battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
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