Correcting...RETRANSMISSION: Xinex: Further Information on Disgruntled Shareholder Action.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 3, 1997--Xinex Networks Inc. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :XNX) announced Wednesday further information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. commenced against the Corporation by Xinex Labs (VCC An electronics designation that refers to voltage from a power supply connected to the "collector" terminal of a bipolar transistor. In an NPN bipolar (BJT) transistor, it would be +Vcc, while in a PNP transistor, it would be -Vcc. ) Inc. as disclosed in the press release of Nov. 19, 1997. On Nov. 20, 1997, an interim restraining order restraining order: see injunction. was granted by the court at a proceeding at which the Corporation was not present. The interim order restrains the Corporation from taking any steps to cause the consolidation of its common shares or change of its name as approved by the shareholders of the Corporation at the extraordinary general meeting held on Nov. 17, 1997. The hearing for a definitive restraining order was held on Dec. 2, 1997. The definitive order was not granted by the court, however, the court extended the interim order to Dec. 18, 1997 or such earlier date at which the parties reappear in court to allow the court to consider further submissions by each side concerning the manner in which shares were voted at the meeting. Management of Xinex Networks is confident that the claim of Xinex Labs (VCC) Inc. is without merit, and intends to continue to defend vigorously against the outstanding claim. CONTACT: Xinex Networks Inc. Roy C. Leahy, 604/526-1585 |
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