Dominion Bridge Responds to Counterclaim.MONTREAL--(BUSINESS WIRE)--March 19, 1997--Dominion Bridge Corp. (NASDAQ/NNM: DBCO; VSE See DOS/VSE. VSE - Virtual Storage Extended : DMO DMO Debt Management Office (Bank of England) DMO Destination Marketing Organization DMO Defence Materiel Organisation (Australia) DMO Dental Maintenance Organization DMO Distributed Mission Operations .U),("DBC See dBA. (language, parallel) DBC - A data-parallel bit-serial C based on MPL. SRC, Bowie MD. E-mail: <maya@super.org>. ") announced today that Steinar Knai, former President of the Company's Steen Becker Group, filed a defense to DBC's previous action and his counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. that DBC will contest vigorously. DBC believes the counterclaim is entirely frivolous and potentially actionable and, furthermore, that the defendants, Steinar Knai and Rosine Knai, have failed to provide a sustainable defense. The Company believes the defendants' allegations are a feeble attempt to embarrass the Company and its officers and follows a number of extortionary threats made by Mr. Knai to DBC officers whereby Mr. Knai indicated his intent to malign the Company by any means possible if he were not substantially compensated for his demise. A brief review of the facts behind Mr. Knai's termination is necessary: Mr. Knai was terminated for cause by a unanimous resolution of the Board of Directors' at its meeting of Jan. 30, 1997. The alleged transgression comprised breaches of his employment contract, of his fiduciary duties, as well as misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of funds. DBC confirms that the malicious allegations conducted in the counterclaim are there solely for the purpose of defamating the Company, its officers, directors and auditors. The Company has always worked closely with its auditors and all financial statements and disclosure have been timely and accurate. In fact, for a period of time when Steinar Knai's allegations are made, the defendant was himself the acting Chief Financial Officer of the Company. The allegations are patently untrue and have been dealt with in the past to the satisfaction of the audit committee, the auditors and the management of the Company. In parroting Steinar Knai's allegations, defendants' lawyers have demonstrated that they have failed to conduct sufficient third party arms' length validations and are therefore liable. Dominion Bridge Corp., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , is an international engineering infrastructure company, employing advanced materials technology with operations and projects in North America, Europe and Asia Pacific. -0- Note to Editors: This news release is neither approved nor disapproved by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . CONTACT: Dominion Bridge Olivier Despres or Eric Boyd, 514/634-3550 |
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