Source
MARKET NEWS
Date 01/30/2002
Time 01:39:26 PM
Company
TomaNet Inc.
Title Shareholders
Meeting Was Held Friday, January 25
DMIS Processed No CDNX Symbol: YTI
Exchange: VSE Symbol: YTI
Exchange:
Symbol:
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Press Release
TOMANET INC ("YTI,YTI.A-V")
- Shareholders Meeting Was Held Friday, January 25, 2002 In Calgary
TomaNet Inc. (the "Company") announces that its shareholders meeting
was held Friday, January 25, 2002 in Calgary. A Board of Directors was
elected, following which officers were appointed. The Company has been
without a board of directors since the resignations in April 2001 of
three
directors appointed by TomaNet's majority shareholder, SKG Interactive
Inc.
(SKG). SKG was adjudged a bankrupt by Receiving Order made by the Ontario
Superior Court of Justice in Bankruptcy on January 7, 2002 appointing
Soberman Isenbaum Colomby Tessis Inc. as Trustee in Bankruptcy of SKG.
The directors are Rod MacDonald, Florian Meyer, and Paul Painter. Rod
MacDonald and Paul Painter, residents of Montreal, will serve as Chairman
and Vice-Chairman respectively. Mr. MacDonald will also serve as interim
Chief Executive Officer. Florian Meyer, resident of Oakville, Ontario,
will
serve as Treasurer and interim Chief Financial Officer. Jack
MacGillivray,
of MacLeod Dixon LLP, was subsequently appointed Corporate Secretary.
TomaNet Inc. is a publicly traded Company on CDNX. Its shares are
presently cease-traded by order of the Ontario Securities Commission as
of
June 8, 2001 for failure to file financial statements. TomaNet Inc. is a
software management and development Company that, as of last report,
owned
SRB International Inc., a major developer of Canadian educational
software;
Great Lakes Research and Development and its division Caribou Systems, a
developer of environmental information management software for Fortune
500
companies.
The Company has learned of a claimed purchase by Landmark Global
Financial Corporation (Landmark) of the Company's bank debt and security,
apparently in October, 2001, reported by Landmark as being for the
purpose
of assisting the Company in its re-organization efforts, and a claimed
foreclosure by Landmark on all of the Company's assets in November, 2001.
The Company is aware of legal proceedings that have been commenced in the
Ontario Superior Court of Justice by various of the Company's
shareholders
to invalidate any such claimed foreclosure, to confirm that the Company
continues to hold and control its assets and to make individuals
involved,
including former officers and directors of the Company and its
subsidiaries, accountable for these alleged actions.
"The Company intends to make its own investigations, and to take such
steps and proceedings as may be necessary or appropriate to protect its
rights and remedies and protect and secure its assets," Mr. MacDonald
says.
"Our immediate priority is to deal with financial and regulatory issues
in
order to preserve fair value for shareholders."
TomaNet Inc. currently has 11,631,567 common shares and 23,225,121
Class A non-voting shares outstanding.
TEL:
416 365-2415
FAX:
416 365-5018
TomaNet Inc
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