AP Henderson Group Announces Results of a Special Meeting of the Board of Directors of the Company
ATLANTA, March 18 -- AP Henderson Group ( http://www.aphenderson.com/ ) held a special meeting of the Board of the Directors of the Company Monday, March 14th, 2005.
The meeting of the Board of Directors of AP Henderson Group was held to discuss the results of the investigation of the activities of the former management of the company, Jeffrey Co and Ms. Lanman Hong. The Board of Directors agreed that Mr. Co and Ms. Hong appear to have engaged in numerous acts of fraud, embezzlement, and other illegal activities that violate both Chinese and United States laws. It is also apparent that Mr. Co and Ms. Hong induced the company to enter into a merger agreement with Hyundai MultiCAV under false and fraudulent pretenses, which resulted in a violation of the terms of the merger agreement. The Board further concluded that Ms. Hong and Mr. Co failed in their substantial responsibilities and duties to the shareholders of the company.
The Board of Directors of the company voted unanimously to rescind the merger agreement with Hyundai MultiCAV and rescind the 51 million shares of the Company's common stock issued to Mr. Co and Ms. Hong. The Board of Directors directed the Company to pursue all possible state and federal legal remedies against Mr. Co and Ms. Hong to recover damages suffered by the Company.
The Board of Directors agreed to consider the possible sale or divestiture of the Slide View division under a structure designed to maximize shareholder's value. Additional announcements concerning Slide View are expected within the near future.
The Board of Directors appointed Erik Nelson as the President of the Company and as a member of the Board of Directors to fill the previously vacant positions and lead the company's restructuring efforts.
Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the performance of the company's anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.