HYGN and Shareholders Prevail as Judge Imposes Injunction Against Fired CEO Marc Walther
Last update: 2:19 p.m. EDT March 20, 2009
MIAMI, Mar 20, 2009 (GlobeNewswire via COMTEX) -- Hydrogenetics, Inc., (Pink Sheets:HGYN) announced today that a Florida State Court Judge in Miami, Florida on March 9th granted an emergency injunction against fired CEO Marc Walther, enjoining him from acting on behalf of the company as an officer and director or making representations to this effect. In the order, the judge ruled that Walther likely would cause irreparable harm to the Company if the injunction was not entered. Walther was fired for cause from both Hydrogenetics, Inc. and Xynergy Holdings, Inc., but refused to step down from the Companies.
The Company is still pursuing damages in Miami-Dade County Florida Circuit Court Against fired CEO Walther for Breach of Fiduciary Duty and intends to seek damages and other relief based on the claim that he fraudulently and improperly issued a massive number of Preferred Shares to himself and a personal friend, Rhonda Windsor, after he was terminated by a majority of the shareholders for cause. The Company deems the preferred shares that were issued by Walther in an attempt to gain control of the Company to be void for the failure of Walter to comply with applicable law. The Company is exploring additional claims related to his acting wrongfully as CEO after being fired.
About HydroGenetics, Inc.
HydroGenetics, Inc. is an alternative energy company. The company's mission is to acquire and develop alternative and "green" technology companies into revenue producing, profitable businesses, utilizing investment capital and other resources including management and strategic planning to increase shareholder value. HydroGenetics, Inc.'s wholly owned subsidiary, HydroAxis Technologies, Inc., is currently developing "green hydrogen generating technology systems for any internal combustion engine," which will significantly reduce gasoline consumption in existing and new vehicles.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: HydroGenetics, Inc.
Hydrogenetics, Inc.
Nicky O'Robinson
305-572-9850
marketwatch.com{04872EA3-E4C5-4E1F-8794-364AB05E006F}&siteid=nbsh
HYGN 0.0025 +0.001 (+66.67%) 0 0 0.0019 0.0025 2009-03-20 70,000
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