Iron Mountain Survey

[Ed Monton]

Bad news for Orphan Boy. Talk about washing your dirty laundry in public...


Orphan Boy ousts "malicious" Coombes; heads to court


2005-11-02 09:59 ET - News Release

Mr. David Martin-Smith reports

CORPORATE INFORMATION

On Nov. 1, 2005, the directors of Orphan Boy Resources Inc. removed Ronald A. Coombes as a director of the corporation for a failure by Mr. Coombes to carry out his duties as a director. Management has determined that Mr. Coombes has acted to serve his own personal interests and not in the best interests of the corporation, given that he has, among other things:


repeatedly, as a director, made unauthorized use of the corporation's letterhead in an attempt to mislead and confuse shareholders;
issued press releases as a director of the corporation when not authorized to do so;
repeatedly misrepresented himself to be an authorized representative of the corporation when he was not authorized to do so;
failed to return corporate assets, including a corporate vehicle, which he is using for personal purposes, despite repeated requests to return such assets to the corporation;
maliciously and willfully attempted to interfere with the contractual relations of the corporation;
conducted himself in a manner unbecoming a director of a public company;
failed to act honestly and in good faith with the view to the best interests of the corporation; and
failed to exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances.

Remedies sought

In connection with the foregoing, the corporation is seeking remedies through the British Columbia Securities Commission and through the Supreme Court of British Columbia. Furthermore, it appears that Mr. Coombes has been engaging in an illegal proxy solicitation which the corporation is currently investigating. The corporation intends to report its finding to the proper regulatory authorities.

Special committee

The directors also appointed a special committee, comprising Gerald G. Carlson, David Martin-Smith and Dale A. Rondeau, to oversee matters relating to the special meeting called in connection with the requisition for a special meeting by Mr. Coombes and certain other dissident shareholders. Management continues to discuss its options with legal counsel. Further information will be released when available.