NEWPORT BEACH, Calif., March 29, 2005 (PRIMEZONE) -- ProVision Operation Systems, Inc. (Pink Sheets:PVNO) today announces that the Company Board of Directors has elected its new President and CEO, Hassan (Sam) Kassir to serve as Company Chairman. Mr. Kassir will continue to serve as President and CEO.
ProVision also announces the suspension of Robert Fletcher, Company's former Chairman and CEO, from all company duties and responsibilities including Board Director. Furthermore, the Company announces the suspension of Mr. Fletcher's stocks, voting rights, and all other possible company controlled assets pending the outcome of ongoing investigations by legal authorities. Mr. Fletcher is being investigated by government authorities in relation to possible "illegal" conduct while serving as Company Chairman and CEO.
In its commitment and resolve to restructure the Company and apply best market practices, the Company has amended its Bylaws by adding the following:
"SECTION 5.13: Conduct of Officers and Board Directors
If and when the Company learns and verifies that an Officer or Board Director is under investigation by any government authority in relation to any possible 'illegal' conduct related to the Company or external to the Company, the subject Officer or Board Director shall be automatically suspended from any and all capacities related to the Company. A suspended Officer or Board Director shall be forbidden from being invited to or attending any Company meetings, voting, and conducting any action and/or conduct whatsoever related to the Company, its subsidiaries, its joint ventures, or any employee, representative, or agent of the Company. Furthermore, if the suspended Officer or Board Director owns or controls, directly or through proxies, legal entities, or third party, any Company stocks, assets, options, proxies, or voting rights, the subject Officer or Board Director' stocks, assets, options, proxies, or voting rights shall be automatically suspended pending the outcome of the investigation. If the Officer or Board Director's investigation concludes with a charge or an indictment, the Board of Directors must take all legal steps necessary to protect Company against any Company liabilities resulting from such charge or indictment. The Board of Directors must also seek compensation and damages against the indicted or charged Officer or Board Director. The Company cannot release the suspension on charged or indicted Officer or Board Director until either proven innocent or until proper compensation for damages has been collected and satisfied. If the Officer or Board Director's investigation clears subject Officer or Board Director, any existing suspension shall be automatically lifted and subject Officer or Board Director shall be reinstated without any liabilities or damages to Company."
About ProVision Operation Systems, Inc.
ProVision is a holding company with three principle early stage business enterprises that are involved in (1) the development of franchised local community real estate centers offering seminars, training, online information, and real estate marketing (brick and click) solutions, (2) the development of Company owned Humate mineral assets into high value Humic and Fulvic Acid products, and (3) the development of leisure products and services including yachting.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe," "expects," "projects," "forecasts," "intends," "will," "anticipated," "could," "may" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and subject to the safe harbor created by the act. Except for historical information, all of the statements contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.
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