DD Support Board and Research Team

[I Like Bottom Fishing]

IDCN.PK Court Removes Board of Directors of Indocan

Wednesday, March 21, 2012 08:00ET

MOREHEAD CITY, NC -- (Marketwire) -- 03/21/12 --

http://www.knobias.com/story.htm?eid=3.1.d1d2305ed82ced6083daee5f5ea2b4f40be0d3846bfe1d6c4e2380b947e65c00

http://www.knobias.com/individual/public/quote.htm?ticker=IDCN

http://www.otcmarkets.com/stock/IDCN/news

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001364434&owner=exclude&count=40

On 10/17/2011, a shareholder of Indocan (PINKSHEETS: IDCN) filed a complaint against Indocan Resources, Inc., Jeffrey R. Bruhjell and Angela K. Harrison IN THE FIRST JUDICIAL DISTRICT COURT OF THE STATE OF WYOMING IN AND FOR THE COUNTY OF LARAMIE seeking removal of the current directors and voiding certain actions taken by Indocan and its directors.

(Case No. 178-874).

On 3/5/2012, the Court found, in addition to other violations, that Indocan failed to notify shareholders of the 6/27/2011 annual shareholders' meeting in violation of Wyoming Statute 17-16-705(a) and Indocan failed to give shareholders not notified of the 6/27/2011 annual shareholders' meeting the right to vote at the meeting in violation of Wyoming Statute 17-16-701(a).

On 3/5/2012, the Court entered a judgment against Indocan and ordered the following:


1. The 6/27/2011 illegal annual shareholders' meeting for Indocan
is declared null and void.

2. All actions taken at the 6/27/2011 illegal annual
shareholders' meeting for Indocan are declared null and void.

3. The 2.5 billion shares of Indocan common stock given to
Bruhjell and Harrison at the 6/27/2011 illegal annual
shareholders' meeting for Indocan are declared null and void.

4. The current board of directors of Indocan is removed pursuant
to Wyoming Statute 17-16-809.

5. Kenneth R. Ash is appointed custodian of Indocan with all the
powers and duties of a duly constituted board of directors
pursuant to Wyoming Statute 17-16-748(a)(ii) to manage the
affairs of Indocan until such time as a new board of directors
can be elected.

6. It is ordered that a shareholders' meeting be held to elect
directors of Indocan and that shareholders of Indocan entitled
to vote be notified of and given the right to participate in
the meeting and the election of directors pursuant to Wyoming
Statute 17-16-703(a)(i).
Kenneth R. Ash
Court Appointed Custodian of Indocan Resources, Inc.
910-300-8189 Office
252-342-8700 Cell

http://www.knobias.com/story.htm?eid=3.1.d1d2305ed82ced6083daee5f5ea2b4f40be0d3846bfe1d6c4e2380b947e65c00

http://www.knobias.com/individual/public/quote.htm?ticker=IDCN

http://www.otcmarkets.com/stock/IDCN/news

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001364434&owner=exclude&count=40

Source: Indocan Resources, Inc.

Public Companies Associated with this story:
IDCN

Knobias Subject Codes Associated with this story:
Shareholder Issues

Content provided by Market Wire Copyright © 2012
Content transmitted by Knobias.com Copyright © 2012

03/21/2012 (08:00 ET) Court Removes Board of Directors of Indocan - Market Wire