- Former CEO of Axion Ventures Inc. (AXV) John Todd Bonner’s allegations against Axion for wrongfully firing are dismissed by the BC Supreme Court
- The court acknowledged Axion’s position and the serious issues that required them to “walk the employee to the elevator”
- Axion and its directors are pleased to be exonerated by the BC Supreme Court and express appreciation to all its shareholders for their patience and support.
- Axion Ventures Inc. deals with technology and software
- Axion is unchanged, currently trading at C$0.20 per share
Former CEO of Axion Ventures Inc. (AXV) John Todd Bonner’s allegations against Axion for wrongful firing were dismissed by the BC Supreme Court.
Axion is pleased to report that the case was entirely dismissed on merits in favour of their company and its current directors, Messrs. Yamazaki, Willey, and Kim.
The final judgement from the court found that the firing of the former CEO and his wife, Nithinan (Jess) Boonyawattanapisut, was based on their conduct concerning their secret transaction to create NextPlay, their current company as co-CEO and co-chairman. They had planned this together with Monaker Group Inc. via a letter of intent (LOI).
This was discovered by Axion’s board of directors.
The court acknowledged Axion’s position and the serious issues that required them to “walk the employee to the elevator.” It was stated that Axion needed to be protected from the employee.
Justice Ross further delivered his thoughts on the actions of Bonner and Boonyawattanapisut.
“Put simply, the fact that the petitioners kept the existence of the Monaker LOI secret from the Majority Directors establishes that they expected negative consequences if it was disclosed. That inference is inescapable,” says Justice Ross.
Some of the allegations made that were not pursued were an order reinstating Mr. Bonner as CEO of Axion, a declaration that the respondent directors breached their duties to the company, an order requiring Axion to publish a press release every two weeks, and progress in causing a cease trade order to be lifted.
Axion and its directors are pleased to be exonerated by the BC Supreme Court and express appreciation to all its shareholders for their patience and support.
Axion Ventures Inc. deals with technology and software. They provide their portfolio companies with disciplined operational and financial experience to help our portfolio companies execute and grow.
Axion is unchanged, currently trading at C$0.20 per share.
