I'll be nice and give it to you since you seem to be looking for news releases long after they're out. This doesn't look so good, does it?
ASC Avcan Systems Corp - News Release
ASC Avcan changes management and board
ASC Avcan Systems Corp ACN
Shares issued 10,508,729 2001-01-16 close $0.25
Thursday Jan 18 2001 News Release
Mr. Ken Miller reports
John Sutherland has resigned as president, director and chief executive officer of the company and Michael Bentley has resigned as director of the company effective immediately. The remaining directors of the company are Ken Miller and Erik Dysthe.
Avcan chairman Ken Miller noted, "Our board wishes to thank Michael Bentley for his recent board participation and to thank John Sutherland for his significant contributions made over the last five years."
Interface International currently engaged by the company to establish alliances and arrange required financing (see Stockwatch Oct. 30, 2000), will expand its role to provide interim management for Avcan while the board considers replacements for vacant board and executive management positions.
Mr. Miller added, "Our challenge, in this weak microcap equity market, is to bring together the required strategic alliances and financing needed for Avcan to move forward."
Current directors of the company have provided certain working capital financing to the company secured by a charge on certain company assets.
The company also announces that the contract with New York Power Authority, announced in Stockwatch Nov. 20, 2000, being one of three contracts totalling $650,000 with three different U.S. power utilities, has been announced in error and was not awarded to the company. The two contracts remaining are now in process and are valued at approximately $610,000. |
