NEW YORK, Dec. 17, 2004 (PRIMEZONE) -- The Board of Laidlaw Global Corporation (Pink Sheets:LWGB), having met today, has issued the following resolutions and comments on the state of the company:
The board of Laidlaw Global Corp. having met the 16th day of December, 2004, by unanimous consent:
-- Has resolved that effective December 21, 2004, the present Board members resignations will be effective and hereby confirms December 21, 2004 as the effective date of resignations from their board positions of Roger E. Bendelac, Harit Jolly and David Cohen, Esq.
-- Has further resolved that effective December 17, 2004, Samantha Julie Harrison, who resides in the Isle of Man and is a Chartered Secretary in the U.K. as well as a Chief Executive Officer/Equity Partner of Carrick Concepts Limited, holding various strategic NAV-based investments and embryonic entities (mainly including, but not restricted to, high technology), will act as director and chief executive officer of Laidlaw Global Corporation. Laidlaw will be renamed Galaxy Capital in conformity with prior resolutions of the board and pending shareholders' consultation as per Delaware law. Harrison is a graduate of the University of Liverpool from which she holds an International Executive M.B.A. degree.
-- Has further resolved that Peter Maddocks who resides in Chatham, Kent, U.K. - and who for 18 years has worked in various executive positions in finance, planning and control in the retail, corporate and private banking industry segments -- and whose responsibilities have included heading the financial control function for a major new business launch, is a chartered accountant and shall become the new CFO of Laidlaw Global Corporation with an effective date of December 17, 2004.
The two new members of the board will complete the hiring of a full board of directors and will immediately explore the approval of a reverse merger transaction with UFO Group Limited, such transaction to be submitted to the new board of directors with the goal of approval and submission to the shareholders to be voted on as soon as possible.
The three resigning directors -- namely Bendelac, Jolly and Cohen -- shall receive the sum of $25,000 in full settlement of services rendered or post-split 250,000 shares of the post-merger entity once such a reverse merger is fully effective.
Bendelac shall receive an additional $25,000 or an additional 500,000 post-split shares in the new combined entity in exchange for acting as authorized agent and consultant to the company for the first six months of 2005 until such a time that the future board no longer needs his services. Bendelac shall not be involved in the future business of the company but shall simply work at helping with past pending matters and record location and/or any pending legal matters.
The company's obligations to the former director shall be deemed satisfied at the option of the future board once either form of compensation has been completed -- the cash amount or the share amounts.
The company's financial situation is still extremely difficult and in spite of the hope for success expressed by the new board, the chances for survival of the company are limited and entirely dependant on the success of the new team in bringing about a reverse merger. That success is far from being ensured and the board wants to caution the public and shareholders that the long-term viability of the company has yet to be resolved.
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