Hydrogenetics Inc (HYGN)

[jjstocker]

NEWS for HYGN tonight ...

PR is mainly about XYNH and came from the XYNH board, but HYGN had the same CEO. Don't know if there's a positive side to this or not, regarding the HYGN stock price.

XYNH and Shareholders Prevail as Judge Imposes Injunction Against Fired CEO Marc Walther

Aug 31, 2009 20:00:00 (ET)

MIAMI, Aug 31, 2009 /PRNewswire-FirstCall via COMTEX/ -- Xynergy Holdings, Inc., (XYNH.PK) announced today that a Florida State Court Judge in Miami, Florida on March 9th granted an emergency injunction against fired CEO Marc Walther, enjoining him from acting on behalf of the company as an officer and director or making representations to this effect. In the order, the judge ruled that Walther likely would cause irreparable harm to the Company if the injunction was not entered. Walther was fired for cause from both Hydrogenetics, Inc. and Xynergy Holdings, Inc., but refused to step down from the Companies.

The Company is still pursuing damages in Miami-Dade County Florida Circuit Court Against fired CEO Walther for Breach of Fiduciary Duty and intends to seek damages and other relief based on the claim that he fraudulently and improperly issued a massive number of Preferred Shares to himself and a personal friend, Rhonda Windsor, after he was terminated by a majority of the shareholders for cause. The Company deems the preferred shares that were issued by Walther in an attempt to gain control of the Company to be void for the failure of Walther to comply with applicable law. The Company is exploring additional claims related to his acting wrongfully as CEO after being fired.

About Xynergy Holdings, Inc.

Xynergy Holdings, Inc. is committed to meeting the world's growing energy needs while also promoting environmentally conscious business practices and sustainability. Their focus is on promoting global commerce within the realm of a global economy.

Safe Harbor Disclosure:

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

SOURCE Xynergy Holdings, Inc., (XYNH.PK)