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E'Prime Aerospace Announces Investigation
Titusville FL (SPX) Apr 05, 2007 The Board of Directors for E'Prime Aerospace Corporation voted on March 9, 2007 to authorize an extensive, internal investigation into the past actions of Bob G. Davis and Betty Scott Davis during their tenure as officers and directors of the public company, based on information that became available during the 2006 annual audit. That investigation is on going at this time, based upon preliminary issues raised as part of the 2006 audit, Mr. Davis was asked to submit his resignation which Mr. Davis chose not to respond to. One of the more serious issues revolves around the statement made by Mr. Davis, and attested to in audits by Betty Scott Davis, on behalf of the company that states, "In 1998, the ESM-9, E'Prime's first stage motor, was eliminated from the START treaty." Recently, it was brought to the attention of the Board that this statement is inaccurate; however, members of the Board are working to meet with the START Compliance Review Group to resolve this issue and believe it will be resolved shortly. Additionally, M Star Global Communications has assured E'Prime that they are willing to continue with the Memorandum of Understanding (to place up to four Ka-band Satellites in GEO) signed February 8, 2007, providing the Board the time necessary to resolve the START issue. E'Prime's board members recently learned that the company has been unable to obtain funding with the present structure of almost a billion issued and outstanding shares and has approved a 1 for 20 reverse. The reverse will not only assist in enabling the company to move forward with its projects, but will also help in obtaining new investment capital. E'Prime Aerospace Corporation has been in discussion with various lenders over the past few months and hopes to be able to close on start up funding in the near future as the funding prospects look extremely promising. Related Links The latest information about the Commercial Satellite Industry The latest information about the Commercial Satellite Industry
ISRO To Scale Up Outsourcing To Private Sector
Bangalore, India (SPX) Apr 02, 2007India's space agency ISRO will step up outsourcing of works related to satellite and rocket building to the private sector, which in the long run could churn out overall systems as the organisation focuses on research and development. |
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