FDN, Inc.'s Shareholders' Committee Requests Former Board of Directors to Return to the Company.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--Aug. 14, 2001 FDN FDN Foundation FDN Fully Distinguished Name FDN Fixed Dialing Number (telecommunications) FDN Florida Digital Network FDN Fuerza Democratica Nicaraguense (Nicaraguan Democratic Force) , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FDNI FDNI Flavor-Diagonal Neutrino Interactions ) announced that the Shareholders' Committee has formally requested that the former Board of Directors return to assist FDN, Inc. with the future direction of the Company. Paul R. Matthews, II, James C. Stanley, Wayne B. Booth, and Barbara M. Riddle have agreed to return to the Company and resume their former positions and as members of the Board of Directors until such time as a formal 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. can be scheduled and a new Board of Directors elected. "We have agreed to resume our positions with Company," Mr. Matthews said, "based on the Shareholders' Committee's endorsement. For the past month, Jim, Barbara and I have continued to investigate opportunities for the future of the Company. Although we formally resigned, none of us gave up on the idea of making the Company a viable entity. I sincerely appreciate the Shareholders' Committee's vote of confidence." "The discharge of the Bankruptcies was a major hurdle for the Company. With the debt being removed from the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , the Company now has a clean opportunity to look forward," stated Ms. Riddle, in-house counsel. 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: Statements herein may constitute "forward-looking" information within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth or implied by such statements. Forward looking Statements: All statements, other than statements of historical fact herein, are forward looking statements. Actual results may differ materially from those contemplated by the forward looking statements as a result of certain factors including, but not limited to the effect of business and economic conditions; the impact of competitive products and pricing; and capacity and supply constraints or difficulties. Such statements reflect the current views of the Company with respect to future events and are subject to these and other risks and uncertainties and assumptions relating to the operations, results of operations, growth and liquidity of the Company. |
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