Synsorb press releaseCox and some other directors are resigning. New directors say they want to maintain Synsorb as a going concern. (?Or could be a smokescreen to get a better bid for the company?)
I don't see any immediate impact on ONC. SYB's directors aren't likely to do anything at least until after their special meeting.
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CALGARY, March 19 /CNW/ - SYNSORB Biotech Inc. ("SYNSORB") (NASDAQ: SYBB)
(TSE: SYB), today announced that its Board of Directors has approved immediate
changes to the Board of Directors and senior management of the Company.
Effective immediately, Bill Hogg, currently the Vice President Finance
and Chief Financial Officer will assume the role of President & CEO, in
addition to his existing responsibilities. Mr. Hogg has also been elected to
the Board of Directors. Dr. David Cox, formerly the President & CEO will be
leaving the Company at the end of March to pursue other opportunities, but
will continue in a part-time consulting role until July 31, 2002. Dr. Cox
remains as a member of the Board of Directors, but will not stand for
re-election as a director at the Annual General Meeting (AGM), to be held on
May 7, 2002. Mr. Froom, Vice President, Business Development and Dr.
Ratcliffe, Vice President R&D and Manufacturing, had previously left the
Company.
Mr. Richard Casey has resigned as Chairman of the Board and Mr. Gerry
Quinn has been elected as Chairman. Effective immediately, Mr. Campbell, Mr.
Casey, and Dr. Crooke have resigned as directors of the Company. The SYNSORB
Board of Directors will nominate Mr. Hogg, Mr. Quinn and Mr. Kenway to stand
for re-election as directors of the Company at the AGM, and the number of
directors will be reduced to three.
"These changes are prudent and appropriate for SYNSORB under the current
circumstances," said Gerry Quinn, the new Chairman of the Board. "We have made
considerable progress in reducing costs to a minimum. SYNSORB may return a
portion of its assets directly to our shareholders. However, it is our
intention to remain as a going concern, and to continue as a public company.
The Company, with its $85 million of tax pools and its other assets, presents
an excellent vehicle for new business development."
"I would also like to take this opportunity to thank the retiring
directors and departing staff for all of their support and years of service to
the Company," said Mr. Quinn. "In particular, Dr. Cox has shouldered a heavy
burden during the past months, and we wish him well in his future endeavours."
Mr. Quinn has served as a director of SYNSORB since January 16, 1995. He
has been the President of The Erin Mills Investment Corporation, a venture
capital company, since July 1, 1989. Mr. Quinn holds a BSc. in Chemistry and
is a Chartered Accountant. He has previously been a partner in a national
accounting firm, where he specialized in corporate restructuring activity.
Bill Hogg has been SYNSORB's Vice President, Finance and Chief Financial
Officer since March 26, 2001 and prior thereto he was Senior Vice President
and Chief Financial Officer of Dominion Energy Canada Limited. He became a
member of the Canadian Institute of Chartered Accountants in 1978, and holds a
M.B.A. from the University of Calgary.
SYNSORB Biotech Inc. is a publicly traded company listed on both the
Toronto Stock Exchange (symbol SYB) and on Nasdaq National Markets (ticker
SYBB).