Franschwa, have your insiders explain to us about their past DYNX crap: "Dynatec Intl/CEO -2:Co, Nasdaq Complete Investigations DYNX
SALT LAKE CITY (Dow Jones)--Dynatec International Inc. (DYNX)
reports Don Wood has retired as chief executive, and resigned
as chairman and a director, citing health reasons.
In a press release Tuesday, the telephone accessory company
said Wood has experienced several medical emergencies recently,
including two surgeries.
President and Chief Operating Officer F. Randy Jack will manage
the company.
Dynatec named Senior Vice President and Chief Financial Officer
Paul A. Boyer to the board.
The company said it has completed an investigation of "various
matters" it disclosed in August, and has implemented procedures
to improve the company's auditing and financial controls.
As reported Aug. 10, the Securities and Exchange Commission
was investigating Dynatec regarding transactions with a British
Columbia corporation and/or a non-U.S. business trust. Dynatec
said it entered into two 1994 subscription agreements with the
British Columbia corporation and two 1995 subscription agreements
with the trust, but none of the transactions was completed, and
Dynatec didn't receive any consideration from the transactions.
In August, Dynatec said the SEC indicated the company and its
chief executive might be named in an administrative proceeding
related to the transactions.
Dynatec said Tuesday it implemented "new policies in the areas
of travel and expense reimbursement, vacation and sick time leave,
use of company cellular phones, use of company leased and owned
cars, and use of the Internet."
The investigation involved certain matters and transactions
engaged in by Wood, and "concluded that some of those matters
and transactions involved related parties and were not undertaken
in the company's best interest," and also found that Wood had
made personal and financial sacrifices for the company, and had
advanced funds for the benefit of the company.
Dynatec's board is considering taking additional action, offsetting
accounts payable to and receivable from Wood and adopting additional
internal procedures and controls.
Dynatec also terminated its relationship with its transfer
agent, and said American Stock Transfer & Trust Co. will be its
new transfer agent.
In August, the company said Nasdaq requested information on
certain Dynatec litigation, stock transactions and related matters.
In a Jan. 13 letter, the company was advised that Nasdaq is
closing its inquiry without taking any action." |
