Hyperdynamics Corp (HDYNQ)

[Rule_62]

"While the stock purchase agreement provides that Ray Leonard will remain President, Chief Executive Officer and a director of the Company, and Jason Davis will remain Chief Financial Officer, they may be removed as officers by the board (subject, in the case of Mr. Leonard, to the provisions of his employment agreement), and Mr. Leonard as a director can be removed by, or not re-elected by, the stockholders in accordance with our certificate of incorporation and bylaws and Delaware law. The Company intends to use the net proceeds of the stock purchase agreement to pay outstanding obligations."

Lots of praise in the PR (like any company is going to say anything negative about their purchase, regardless of the value of the company), combined with a comfortable exit for Ray if so desired by the new majority owner.