Effective 5:00 PM, April 27, 2012, Ronn Maxwell has been removed from his position as a member of the Board of Directors of the Company. Mr. Maxwell was removed via a consent to action signed by a majority of the Board of Directors of the Company, who together have majority voting control over the Company on shareholder matters.
"Ronn took a bold step last year in placing the future of the Company in the hands of a new management team," said R J (Randy) Pipkin, a member of the Board of Directors. "The team has determined that it is now in the Company's best interests to move forward with the Company's business plan without Ronn as a member of the Board of Directors," added Randy Pipkin.
VydroTech, Inc. (VYDR.PK - News), formerly (RNNMD) (formerly the Ronn Motor Company), is a technology-driven design, development and manufacturing company specializing in the creation and delivery of innovative green products and related technologies through green systems and green oriented engines for both transportation and fixed platforms, located in Houston, Texas. For more information about VydroTech, Inc., please visit our Web site at http://www.vydrotech.com.
This press release contains forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company.