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Monday, August 25, 2014 11:41:40 AM
On October 24, 2013, we filed a lawsuit in the Second Judicial District Court for the State of Nevada (Golden Phoenix Minerals, Inc. vs. David A. Caldwell, Tom Klein, et al., case number CV 13-02332) alleging breaches by the defendants of various contracts and duties owed by the defendants to the Company, together with claims for fraud and breach of contract, conspiracy and other claims, relating primarily to the facts and circumstances surrounding the transaction we entered into with Pinnacle as discussed above, and related business and financial transactions among the parties. Mr. Caldwell is a former Chief Executive Officer and former member of the Board of Directors of the Company. Mr. Klein is a former Chief Executive Officer and a current member of the Board of Directors of the Company.
We subsequently entered into a settlement agreement with Mr. Klein and will remove him from this case.
On August 20, 2014, Golden Phoenix Minerals, Inc. (the “Company”) issued a press release announcing the resignation, effective August 19, 2014, of Thomas Klein as a member of the Board of Directors of Company.
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