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Minutes of the Board of Directors‘ Meeting - HELD ON MAY 11, 2011


EZ TEC EMPREENDIMENTOS E PARTICIPAÇÕES S.A.
Corporate Taxpayer’s ID (CNPJ/MF).° 08.312.229/0001-73
Company Registry NIRE 35.300.334.345

Publicly-Held Company

Minutes of the Board of Directors‘ Meeting
HELD ON MAY 11, 2011

DATE, TIME AND VENUE: On May 11, 2011 at 4:00 p.m., at the Company’s headquarters, located in the City and State of São Paulo.

CALL NOTICE AND ATTENDANCE: The call notice was waived in view of the presence of all the members of the Company’s Board of Directors.

PRESIDING: Chairman - Ernesto Zarzur; Secretary - Antonio Emílio C. Fugazza.

AGENDA: (i) Deliberate on the conditions for investment in properties for the development of real estate projects, in accordance with the agreement to be signed on May 11, 2011, in the total amount of seventy-two million, six hundred thirty thousand, nine hundred twenty-three reais and thirty-six centavos (R$ 72,630,923.36), complementing the resolutions taken by the Board of Directors Meeting held on May 6, 2011.

RESOLUTIONS : After analysis and discussion, the members of the Board of Directors resolved, by unanimous vote and complementing the resolutions taken by the Board of Directors’ Meeting held on May 6, 2011, to approve the acquisition of properties through the companies, : (i) Iracema Incorporadora Ltda., headquartered in the city of São Paulo at Alameda Jauaperi, n° 299, inscribed in the roll of corporate taxpayers (CNPJ/MF) under no. 12.802.316/0001-86; (ii) Blumenau Incorporadora Ltda., headquartered in the city of São Paulo at Alameda Jauaperi, n° 299, inscribed in the roll of corporate taxpayers (CNPJ/MF) under number 12.802.367/0001-08; and (iii) Cabo Frio Incorporadora Ltda., headquartered in the city of São Paulo at Alameda Jauaperi, n° 299, inscribed in the roll of corporate taxpayers (CNPJ/MF) under number 12.802.311/0001-53 (the “Companies”), all of which are subsidiaries of the Company. Approval was also given for the acquisition of properties by the Companies and the pledging of guarantees and joint and several liability by the Company, pursuant to Article 17, Items XXII and XXIII of the Company’s Bylaws, in the total amount of seventy-two million, six hundred thirty, nine hundred twenty-three and thirty-six centavos (R$ 72,630,923.36).

CLARIFICATIONS: : The drawing up of these minutes in a summarized form was authorized, in accordance with Article 130, Paragraph 1 of Federal Law 6,404/76.

CLOSURE, DRAWING UP, APPROVAL AND SIGNATURE OF THE MINUTES: There being no further business to discuss, these minutes were drawn up, read, approved and signed by all attending members. Signatures: Presiding: Ernesto Zarzur - Chairman; Antonio Emilio C. Fugazza - Secretary. Board members: Ernesto Zarzur, Samir Zakkhour El Tayar, Nelson de Sampaio Bastos, Mario Guy de Faria Mariz, Massimo Bauducco and Gustavo Junqueira.

São Paulo, São Paulo, May 11, 2011

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