Adair International Oil and Gas Inc. Sues Richard G. Boyce.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 31, 2002 John W. Adair, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Adair International Oil and Gas Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AIGI AIGI Assistant Inspector General for Investigations (US government) AIGI Adair International Oil and Gas, Inc. ), announced today that AIGI has filed an additional lawsuit against Richard G. Boyce for fraud and misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. in connection with the acquisition by AIGI of Partners In Exploration Inc., a company previously owned by Boyce. The lawsuit, which was filed today in Harris County, Texas Harris County is a county located in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. As of 2000 U.S. Census, the county had a population of 3.4 million (though a 2006 estimate placed the population at nearly 3. , alleges that Boyce misrepresented the assets owned by his company at the time that AIGI acquired the company in early 2000. According to representations made by Boyce in 2000, his company owned tangible and intangible data regarding two exploration prospects valued at almost $13,000,000. AIGI has recently learned that neither Boyce nor his company did in fact own any of such data. Boyce has acknowledged the fact that his company did not own the data. The value attributed to this missing data represented in excess of 56% of the total asset value of Boyces company. AIGI previously filed another lawsuit against Boyce for defamation, tortious interference, conversion of AIGI assets and breach of fiduciary duty. That lawsuit is still pending. Mr. Boyce is leading the SCORE Group in an attempt to wrest wrest tr.v. wrest·ed, wrest·ing, wrests 1. To obtain by or as if by pulling with violent twisting movements: wrested the book out of his hands; wrested the islands from the settlers. control of the company from the current board and senior management, Adair said. "It's clear to me that Mr. Boyce shouldn't be elected to the board of directors of AIGI because he is a defendant in this case and the pending case filed by AIGI in connection with the Block 20 project. I strongly urge shareholders of AIGI to vote the BLUE proxy card for the current management in the upcoming meeting on Aug. 5, 2002. Beneficial shareholders as of June 17, 2002 may obtain a copy of management's proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other and a BLUE proxy card by contacting the company," Adair added. This press release includes certain forward-looking statements. The forward-looking statements reflect Adair International Oil and Gas Inc. beliefs, expectations, objectives and goals with respect to future events and financial performance. They are based on assumptions and estimates, which they believe are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 21E of the Securities and Exchange Act of 1934, as amended. |
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