Biologix Commences Litigation Against Former President & CEO Michael Grandon.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BW HealthWire)--Nov. 2, 1999-- Biologix International Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BGIX) Tuesday announced that it has commenced 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. in the San Francisco Superior Court against its former president, chief executive officer and member of the board of directors, Michael Grandon. Grandon was terminated as an officer and director of Biologix on July 23, 1999. The filing of the litigation follows a review of the conduct of Grandon during the period he was an officer and director of Biologix. In addition to monetary damages, the complaint filed by Biologix seeks to prevent Grandon from representing to the public that he is a representative of Biologix or is authorized to speak on its behalf. An Annual Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. of Biologix was announced on Oct. 4, 1999 without the authorization of Biologix. The purported Annual Shareholders' Meeting was set for Nov. 8, 1999. The announced shareholders' meeting was neither authorized by Biologix nor does it comply with the bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an of the company or Delaware law. There is no Biologix shareholder's meeting currently scheduled. Biologix is currently in the process of concluding its previously announced share exchange. Once this exchange is concluded, the Biologix Board of Directors intends to announce the company's valid, properly noticed Annual Shareholder Meeting. Every Biologix shareholder will be sent notice of this meeting by mail. 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. Statement Included in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. Source: Biologix International Ltd. |
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