Astris Energi Files Against Former Director
Astris Energi Inc. (Mississauga, ON) reported that it has filed a CDN$5.0 million counterclaim in the Superior Court of Justice (Ontario) against E. Roy Birkett, a former officer and director of the company. According to Gordon Emerson, CFO and director of Astris, the counterclaim is the company's response to a claim filed in the same court by Birkett against Astris.
In February 2001, Birkett amended the claim to increase the amount claimed from approximately CDN$300,000 to CDN$1,900,000. Birkett claims compensation for alleged expenses he incurred while acting as an officer and director of Astris in the years 1995 through 1997. Astris management is of the opinion that the claim of Birkett is without merit.
In the company's counterclaim, Astris seeks $5.0 million in damages resulting from the improper distribution of Astris common shares by Birkett to himself and various associates during his tenure as an officer and director. In October 1997, he was dismissed as CFO for cause and at the subsequent annual meeting of stockholders he was not re-elected as a director.