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Stock Market & Financial Investment News

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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September 8, 2014
08:03 EDTFORDForward Industries issues open letter to shareholders
In the letter, the company said, "Forward Industries has implemented a successful strategy over the past two years to turn around financial results for shareholders and make the company a leader in the diabetic case market. During this time, operating losses have become operating profits, and we have grown sales to more than $30 million in FY2013, up from $22.8 million in FY2011. We have restructured our operations and increased efficiencies throughout the company. Importantly, we have also resolved legacy litigation issues... We understand that change can be difficult, and we have recently experienced public resistance from some stakeholders about our vision for the company. Inflammatory comments from board member, Terence Bernard Wise, and the events that led to the recent termination of former Chief Financial Officer, James McKenna, can best be summarized as short-term distractions as we continue to build our company. These distractions in no way reflect the sentiments and outlook for the company held by the majority of the Board of Directors, our management team, and independent strategic advisors, all of whom remain confident in and committed to our strategic plan for the company and our shareholders. We were prepared for such challenges and will move past them together."

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