YBM MAGNEX INTERNATIONAL, INC.
TSE Symbol: YBM
NEWTOWN, Pa., Aug. 10 /CNW/ - YBM Magnex International, Inc. (the
''Company'') today announced the following corporate developments:
- David Peterson has resigned from the Company's Board of Directors (the ''Board'').
- The Company continues to review its business operations and practices in Eastern Europe with a view towards addressing certain of the concerns raised by its previous auditors and in the report of the Board's independent committee, and to improving corporate governance procedures in accordance with the recommendations contained in the committee's report. Similarly, the Company continues to review operations and practices with a view towards increasing financial controls. Pending completion of its review, the Board has taken action to ensure that no funds will be transferred or otherwise removed from the Company or its subsidiaries without approval of the Board, except for those funds necessary for immediate day to day operations.
- The Board has also reconstituted and empowered its independent committee to oversee the Company's response to issues raised by Canadian regulators and U.S. authorities. As part of this process, Igor Fisherman has voluntarily agreed to a suspension from all of his offices with the Company and subsidiaries, pending the independent committee's further review. Mr. Fisherman remains a director of the Company. The Company is in the process of selecting candidates for the office of Chief Operating Officer of the Company, as well as for various senior management positions, including President and Chief Financial Officer, for the Eastern European operations of United Trade Limited. The Company expects to announce these appointments shortly.
- The hearing scheduled to take place before the Ontario Securities Commission on August 10, 1998 has been rescheduled for August 19, 1998. The Company has instructed its outside counsel to attend the hearing and will continue to take such action as is appropriate to ensure its shares resume trading as soon as possible.
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For further information: YBM Magnex International, Inc., (215) 579-0400
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