NEW YORK, Jan. 4, 2006 (PRIMEZONE) -- Single member board Roger Bendelac has been named by the outgoing Board of Directors in order to nominate a new board for the purpose of making the Laidlaw Global Corporation (Pink Sheets:LWGB) in compliance with SEC reporting obligations.
While the company's viability as an on-going entity has yet to be resolved, it is in the process of reorganizing to remain an on-going legal entity and become a business concerned in non-financial or regulated activity.
This development should not be viewed as an indication that the company has resolved its financial difficulties or its ability to be an on-going concern as a corporate entity, which remains in question. Bendelac was the former CEO of the corporation prior to December 2004 and consultant to the corporation from December 2004 to January 3, 2006. It is his intention as the sole officer and director to name in a new board that will have the task to make the corporation compliant with its obligations as an SEC registrant and call a shareholder meeting shortly after in order to present its plan for the maintenance of the company.
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