Asia Pacific Wire & Cable Announces the Settlement of All Shareholder Disputes.New Investor Becomes 20% Shareholder NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Asia Pacific Wire & Cable Corporation Limited (Pink Sheets:AWRCF) (the "Company") announces that yesterday it entered into a comprehensive settlement and release agreement with Sino-JP Fund Co., Ltd. ("Sino-JP"), which dismissed and released all claims between the parties and which will put an end to all related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The 55% majority shareholder of the Company, Pacific Electric Wire and Cable Corporation ("PEWC PEWC Ponders End Wargaming Club (gaming) ") also entered into a similar settlement and release agreement with Sino-JP that will terminate all disputes and litigation between those parties. SOF SOF abbr. sound on film Investments, L.P. ("SOF"), a Delaware limited partnership controlled by MSD (MicroSoft Diagnostics) A utility that accompanied Windows 3.1 and DOS 6 that reported on the internal configuration of the PC. A variety of information on disks, video, drivers, IRQs and port addresses was provided. Capital, L.P., acquired the 2,766,154 shares of the Company previously held by Sino-JP and entered into a shareholders' agreement shareholders' agreement n. an employment agreement among the shareholders of a small corporation permitting a shareholder to take a management position with the corporation without any claim of conflict of interest or self-dealing against the shareholder/manager. with the Company and PEWC. The shares acquired by SOF constitute 20% of the issued and outstanding shares of the Company. As part of the transaction, three Directors designated by Sino-JP tendered their resignations; the Board appointed Mr. David Sun and Mr. Andy Cheng to fill two of those vacancies. At a Directors' meeting, the Chairman noted the benefits accruing to the Company from this series of transactions, including that it allows the Company and its management to focus fully on developing the Company's business and the enhancement of shareholder value. The Company intends to make plans for a shareholders meeting as soon as practicable and to seek shareholder approval to engage auditors to undertake audits of past fiscal years for which audited financial statements are not available. About Asia Pacific Wire & Cable Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications and power industries in selected markets in the Asia Pacific Region. Except for statements of historical facts, this news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks noted in the Company's SEC filings, which may cause actual results to differ materially. |
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