"Additionally, PGI has successfully positioned itself to be able to realize a vision of becoming the leader in its industry. By no means will this event change our commitment to our mission and vision or our commitment to our employees, customers, suppliers and shareholders."
As a result of the investigation, it was determined that the relationship of the settlement agreements to other services agreed to be purchased by the Company from the equipment supplier and other contracts being negotiated with the equipment supplier appear not to have been fully or fairly reported to the Company's Chief Financial Officer, other members of management of the Company responsible for the preparation of the Company's financial statements, and the Board.
After being advised of these circumstances, the Board determined that it no longer had confidence in the ability of Mr. Schaeffer to continue in his capacity as CEO and Board member and asked for his resignation. Pending receipt of his resignation, the Board has relieved Mr. Schaeffer of his duties as CEO.
Mr. Schaeffer does not hold a position on any Committee of the Board. The Board also asked for the resignation of James Snyder, Vice President of Global Purchasing, whose activities were also included in the investigation, and pending receipt of his resignation, the Board has relieved him of his duties as an officer of the Company.
marketing@alchempro.com
