RADTECH <RADT> BOARD REMOVES CHAIRMAN
Radtech Inc said its board has
removed Ronald G. Williams as chairman and chief executive
officer and has elected President Samuel A. Francis chief
exeuctive officer.
    Williams is the majority owner of <Forum Cos Inc>. On
December 12, Radtech exchanged 10 mln of its shares for 20,000
Forum shares. Of the 10 mln, 7.5 mln went to Williams and 2.5
mln to Forum's other owner, <Audley Inc>. In addition to the 10
mln shares involved in this transaction, Radtech has 9.9 mln
shares outstanding.
    On January 27, Radtech said, it announced an agreement to
rescind the Forum transaction.
    Radtech said six mln of its shares held by Williams and the
20,000 Forum shares were turned over to Radtech's attorney's.
Subsequent to the rescission agreement, however, Williams and
Audley have refused to recognize Radtech's position that a
recission has occurred, it said.
    On March 3, the company said, its attorneys filed an action
in the U.S. District Court for the District of New Mexico
giving control of both blocks of stock to the court and asking
it to rule on the recission.
    Radtech said it intends to defend its position in the legal
proceeding, which names the company, Williams and Audley, that
the rescission has occurred, that all 10 mln shares it issued
should be returned, and that the 600,000 dlrs of Radtech funds
used by Forum should be returned.
    The company also said a dispute exists whether Williams
continues to serve on its board.
 Reuter
