News Story :Thermal Energy headed to court with former CEO
By Ottawa Business Journal Staff
Fri, Oct 21, 2005 8:00 AM EST
Thermal Energy International is preparing legal action against former president and CEO Thomas Hinke, after voluntary mediation between the company and Mr. Hinke failed.
Thermal Energy says it has been notified that Mr. Hinke intends to seek damages from the company surrounding his dismissal. In turn, Thermal Energy says it now plans to seek damages in excess of $2.5 million from Mr. Hinke by way of a formal court action.
"Thermal Energy is taking these measures to ensure that this outstanding matter is resolved swiftly and completely," says Tim Angus, president and CEO of Thermal Energy. "We are doing this to first and foremost protect our shareholders, and to ensure that our efforts to build a company which maximizes shareholder value can proceed without further distractions."
Thermal Energy is preparing a claim seeking damages from Mr. Hinke on several fronts, including negligence, violations of securities regulations, withholding material information from company executives and the Board, and breach of his employment contract.
Thermal has asked the TSX Venture Exchange to halt trading on the company's stock.
Mr. Hinke resigned as chairman, president and CEO of Thermal in January. He stepped down from the Board and as executive vice president in March. His ultimate termination was announced in June.
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