TORONTO— AFM Hospitality Corp. obtained approval for managements proposed private placement and share purchase arrangement from a majority of disinterested shareholders at its meeting held on December 19, 2001. “The completion of these transactions will greatly improve AFMs ability to renegotiate its credit facilities and to continue to use its shares for strategic acquisitions,” stated Lawrence Horwitz, chairman of the board. As previously reported, AFM had intended to complete the private placement and share purchase arrangement transactions prior to the end of the current calendar year. However, given due to logistical issues, the transactions will likely close during the first quarter of 2002.