Dynex Power Inc. Director Vindicated by OSC
LINCOLN, England (February 1st, 2008) Dynex Power Inc. (“Dynex”) Dynex released the following statement in relation to the recent unanimous decision of the Ontario Securities Commission in favour of one of its directors, Deborah Weinstein.
Ms. Weinstein was charged in February 2007 as a board member of AiT Advanced Information Technologies Corporation with failing to disclose merger negotiations which were ongoing between AiT and 3M Corporation during the period April 25, 2002 and May 9, 2002 as such negotiations constituted a “material change” and therefore a discloseable event. The proposed transaction was announced by the parties on May 23, 2002 after both companies approval process were complete and a definitive agreement was executed. In a recent decision, the Commission unanimously concluded that a “material change” of AiT did not occur during the period in question, and accordingly AiT was not required to disclose the merger negotiations during the period. As a result the action against Ms Weinstein was dismissed.
A spokesman for Dynex commented, “This clear and decisive victory removes any suggestion that Ms Weinstein may have had to resign as a director of Dynex. This is excellent news for Dynex and its shareholders. Ms Weinstein is our longest serving director, and this outcome demonstrates in another arena the integrity and quality of advice she has provided over the years to Dynex on good governance and on commercial matters. We are very pleased she has been completely vindicated.”
The TSX Venture Exchange has not reviewed this announcement in advance of its release.