Bojar Replies to Platforms Wireless Charges25 February 2005
Alvin Bojar, a former member of the Board of Directors of Platforms Wireless International (PLFM), has made the following comments in response to Platform Wireless' press release of February 16, 2005. "The personal attack upon my integrity by William Martin makes it incumbent upon me to set the record straight.
"Martin has stated that my February 10th release 'completely misstates the real record.' The first point I made for the record was that Martin has been charged by the SEC with repeated instances of fraudulent stock market behavior. The SEC's lawsuit could not be more explicit. The full summons and complaint can be accessed at www.sec.gov/litigation/complaints/comp18939.pdf
"With respect to there being no annual shareholder meetings for the past three years - in fact the last meeting of shareholders was held on December 28, 2000, well over four years ago.
"The next assertion related to the unauthorized issuance of millions of shares of stock without Board approval. On this, the record is clear. On May 1, 2002, Platforms filed a Form 10-SB with the SEC in which the defendants in the lawsuit, Messrs. Martin, Perry, Nelson, et. al. are listed as owning 99.8 million shares out of the 277.8 million common shares then outstanding. On October 19, 2004, the SEC in its lawsuit stated, 'Upon information and belief, approximately 500,000,000 shares of Platforms are outstanding. Defendants collectively possess approximately 250,000,000 of those shares.' Therefore, during the 291/2 month period, without Board approval from May 1, 2002 to October 19, 2004, the defendants issued themselves approximately 150,000,000 shares. During that same time frame, total company revenues were only $40,000. In the 33 months prior to the last company audit (www.plfm.com), dated March 30, 2002, net operating losses totaled $30,053,439.
"Since Martin and his associates possess approximately 50% of the issued shares, his statement that I am attempting to 'usurp control of the company' with my approximate 1.2% of the stock further illustrates that this argument is not based on the facts.
"A final example of the malicious and fraudulent statements Martin continues to make, is his declaration that 'On January 11, 2005, Mr. Bojar was formally notified of his termination as Lead Director, for cause', implying I had been terminated as a Director at the December 1, 2004 Board meeting. The truth is, I remained a Director until I resigned on February 3, 2005, a fact acknowledged by Paul Kelly, EVP and Company Counsel in a letter dated February 8, 2005, when my resignation was formally accepted.
"Mr. Kelly's motives in publishing the false statement that 'The Company's attempts to obtain Alvin Bojar's cooperation in the investigation of his actions while he served on the Board have proven unsuccessful,' are puzzling. Kelly first emailed me on January 11, 2005, to say the board had 'heard and considered allegations' that I had engaged in 'transactions and communications that demonstrated a serious conflict of interest.' He went on to say he was 'soon required to report back to the Board' and 'it is imperative that you and I soon speak.'
"Responding on January 13th, I informed him that I would be willing to discuss these allegations, once I received specific information as to the nature of the so-called charges. There was no response. Again on January 19th, I repeated my request for information of the so-called charges and also inquired why it had taken six weeks to contact me after the Board meeting, if the matter were so urgent. Again, he failed to respond, nor did he attempt to call me. Therefore, I find his allegations charging lack of cooperation on my part, his unfounded public assertions, and his failure to respond to be ethically disturbing.
I joined the Platforms Board because I believe in the technology, understand the market, and see very promising prospects for the product. However, in light of the seriousness of the SEC allegations against the management and the continuing erratic behavior of Mr. Martin, I believe that there has to be a complete change of management in order for the company to move forward."
Full documentation of all representations made is available upon request to the email address above.
CONTACT:
Mr. Alvin Bojar
813-854-4361
PLFMComments@yahoo.com
Source: PrimeZone
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