Columbus Networks Emerges from Transition - Revitalized and Ready to Grow
Kelowna, B.C. – The last quarter of 2004 was a great period of transition for Columbus Networks Corporation. New leadership and management have revitalized the company’s growth and are focused on the shareholder value.
In May of 2004, a resolution outlining issues and grievances, points of questionable activities, unauthorized actions, and assertions that the then current Chief Executive Officer and President of Columbus Networks was moving to divide the company*. The resolution summarized the complete disregard of the company bylaws and the indifference of the CEO/President to the interest of the shareholders.
The intention of the CEO/President’s division of Columbus Networks was to have one public and one private company. The original shareholders of Columbus would be transferred into a private company and shareholders of GDRV, the original RTO, would be transitioned into a public company.
The shareholders were not advised of this intention; there was no solicitation of input regarding the separation/division shares. Additionally, the mining assets that were to be intended to be included in the public company were not evaluated to determine the value. This was disclosed during one of the depositions in Nevada.
The resolution also sought the shareholders approval to ratify, confirm, and install a new Board of Directors. In June, 2004, the major shareholders unanimously approved the Board of Directors: Mr. Jim Nunes of Austin Texas, Mr. Mervyn Weiss of Peachland British Columbia and Mr. Wallace Nesbit of Calgary Alberta.
In late June, 53% of the shareholders signed and returned the resolution. On July 6, 2004, with the shareholder’s acceptance of the resolution, Mr. Nunes, Mr. Wiess, and Mr. Nesbitt executed the termination of the then CEO/President from Columbus Networks.
On July 6, 2004, the terminated CEO/President returned to the premises disputing the validity of the shareholder’s resolution claiming the majority shareholder support was not obtained due to the issuance of all remaining, unverified outstanding shares (24 million) in exchanged for an interest in mining properties in Northwest Territories.
As a result of the former CEO/President’s claim regarding the exchange of24 million shares, legal action was ensued by Mr. Nunes, Mr. Wiess, and Mr. Nesbitt.
The lawyers went before the court in a preliminary hearing, pleaded the case, and a temporary court order was issued. The court order gave authority to the new Board of Directors to effectively manage and operate the company until a final resolution was rendered.
During the course of the deposition and in court, it was disclosed that the party assuming the 24 million shares did not own the rights to the mining shares that were to be exchanged. The court determined the transaction between the two parties was invalid and ordered the 24 million shares to be transferred back to the publicly held company.
On November 30, 2004, the court ruled that Mr. Nunes, Mr. Weiss, Mr. Nesbit and the Shareholders have unfettered management and operational control of Columbus Networks – Nevada and Columbus Networks – British Columbia.
The new management team has created a progressive business model, progressive corporate objectives, and a vigorous marketing strategy, which is increasing the company’s visibility and status in the market.
Additional announcements will be released over the next few weeks. In the meantime, any questions for the Board of Directors call (250) 869-1612 or via email firstname.lastname@example.org.
About Columbus Networks
Columbus Networks offers web-based applications to facilitate recruitment in the education sector using technology and the Internet to create extremely cost-effective, timely and easy-to-use recruitment solutions for both employers and employees. For the educational employer seeking to fill employment vacancies in teaching, administration and support staff positions, Columbus Networks offers a more sophisticated e-recruitment tool. Our clients are educational employers who include public schools and districts, private schools and institutions, colleges, universities and community colleges, across the continent and growing worldwide. Columbus Networks is headquartered in Kelowna, British Columbia, Canada. For additional information on Columbus Networks or their services visit http://www.columbusnetworks.com or call (250) 869-1612.
No Stock Exchange or Regulatory Authority has either approved or disapproved of this News Release.
This press release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including without limitation continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties detailed from time to time in the Company's period reports.
Phone: (250) 869-1612