NEWPORT BEACH, CA / ACCESSWIRE / July 31, 2023 /
Dear Fellow Shareholders of Hydromer, Inc.
BWL Investments (BWL) and its affiliates are large, concerned shareholders of Hydromer, Inc., a New Jersey corporation. According to the last publicly disclosed number of issued and outstanding shares, today we represent over fifty-one percent (51%) of the company's outstanding common stock.
On July 28, 2023, we issued a formal demand on the Board of Directors for a meeting of shareholders in order to address crucial matters related to the company's corporate governance and operations.
In a letter addressed to J. Scott Magrane, Chairman of the Board of Hydromer, Inc., and fellow Board members, which according to the last publicly disclosed filing includes Cam Cruickshank, Lawrence R. Horwitz, Martin C. von Dyck, and Robert Bea, we expressed our concern over the prolonged, years-long absence of any meeting of shareholders, a violation of NJ Rev. Sta. 14A:5-2.
To remedy this situation, we are demanding that a shareholders' meeting be called and notified of the shareholders of Hydromer on or before August 4, 2023.
In the event of non-compliance with this demand, with the support of like-minded shareholders, we intend to pursue legal action by filing legal proceedings. The purpose of the action would be to obtain an order fixing a date for the meeting so that shareholders can vote in director elections and other pertinent matters, and to obtain such further relief as the courts may grant
Our demand represents an attempt to amicably resolve the situation, and all parties involved are encouraged to cooperate in the best interest of Hydromer, Inc. and its shareholders.
The information disclosed in this press release is subject to change and may be supplemented or amended as necessary.
We encourage all shareholders not already engaged to contact BWL directly to get involved.
Investor Contact: IR@bwlinvestments.com
Sincerely,
Braeden Lichti, CEO, BWL Investments Ltd.
Note: This press release format is for informational purposes only and does not constitute legal advice. Parties involved should seek appropriate legal counsel to address their specific situation
SOURCE: BWL Investments Ltd.
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https://www.accesswire.com/771299/Hydromer-Inc-OTCHYDI-Shareholders-Demand-Shareholders-Meeting
