In November, 1997, in response to these complaints, Paul Douglas Mazza and John Howard, members of the Board of EPAI commissioned a report from a Toronto law firm, Solmon Rothbart Goodman to investigate the circumstances surrounding certain transactions entered into by Mr.
Pangia, the former Chief Executive Officer of EPAI, to effect a distribution of securities of EPAI to U.
A copy of this extensive report (226 pages) is available by mail from EPAI, 155 James Street South, Suite 402, Hamilton, Ontario L8N 1H5.
As a result of the findings of this report, the Board of EPAI took the following steps:
Pangia, EPAI would have had the financial stability to continue payments on the technology agreement and to explore other corporate opportunities.
The Board of EPAI ultimately elected to settle its claim against Mr.
D'Alessandro voluntarily relinquished his 10,500,000 shares in EPAI and provided a written statement confirming Mr.
and with no immediate hope of entering into a strategic alliance, EPAI is unable to continue under its present regime.