Photon Control Updates Litigation Proceedings Involving Former President
12 Jun, 2013, 17:21 ET
BURNABY, BC, June 12, 2013 /CNW/ - Photon Control Inc. (the "Company") (TSXV: PHO), a leading developer of innovative measurement technologies, announces that the Supreme Court of Canada has denied the Company's application for leave to appeal the decision of the British Columbia Court of Appeal in the litigation involving the Company and John Kidder, who was formerly the President of the Company. The Court of Appeal had upheld the trial decision that the Company did not have the right to rescind a loan agreement with Mr. Kidder and that Mr. Kidder had been dismissed without cause. The original decision of the Supreme Court of British Columbia in favour of Mr. Kidder was rendered in July, 2011, details of which were announced by the Company by news release dated August 2, 2011.
The Company had previously taken a charge on its financial statements for the claim and anticipates taking a further charge of approximately $150,000.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. designs and manufactures a wide range of optical sensors and instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at http://www.photon-control.com/investorrelations.html
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Photon Control Inc.
For further information:
Helena Rebec, Chief Administrative Officer
604.422.8861 x 101
Share this article