Florida Court busts ACII's ex-CEO Walther. Too bad AmeriChip didn't have their lawyers.
finance.yahoo.com
HYGN and Shareholders Prevail as Judge Imposes Injunction Against Fired CEO Marc Walther
Friday March 20, 2009, 2:18 pm EDT
MIAMI, March 20, 2009 (GLOBE NEWSWIRE) -- Hydrogenetics, Inc., (Other OTC:HGYN.PK - News) 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.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as ``may,' ``will,' ``should,' ``could,' ``expects,' ``plans,' ``intends,' ``anticipates,' ``believes,' ``estimates,' ``predicts,' ``forecasts,' ``potential,' or ``continue,' or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements. |
