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News Breaks
June 13, 2014
09:29 EDTFORDForward Industries responds to Terence Wise's 'intention to seek control'
Forward Industries said, "Wise has published his nomination letter to the Board of Directors of the Company in which he raises a number of purported reasons for submitting his nomination. However, Mr. Wise's past conduct may demonstrate his true intentions: To gain "creeping control" of your Company without paying a premium; To perpetuate and enhance the cash flows from his multi-million dollar related party arrangement, which he fears the Board may terminate. The other members of the Board, excluding Mr. Wise and his designee Howard Morgan believe Mr. Wise's action is not in the best interests of the Company and its shareholders."
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August 28, 2014
13:44 EDTFORDForward Industries CFO dismissal called 'reckless' by largest shareholder
Terence Bernard Wise, the largest shareholder and member of the board of directors of Forward Industries, issued a statement commenting on Forward's abrupt firing of its Chief Financial Officer on August 19 without full Board accord, immediately prior to the release of Forward's Q2 results. "The unexpected firing of James McKenna, Forward's Chief Financial Officer since 2008, represents yet another reckless effort by Chairman Frank LaGrange Johnson and his supporters on the Board to further insulate their positions in the face of managerial disapproval and shareholder value destruction...It is clear to me that Mr. Johnson and his supporters truly will stop at nothing to preserve their control of the Board and keep shareholders in the dark regarding fundamental changes to Forward, decided behind closed doors," Wise stated.
August 25, 2014
17:14 EDTFORDForward Industries terminates CFO James McKenna
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August 21, 2014
18:05 EDTFORDCourt rejects Forward Industries' preliminary injunction request against Wise
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