Former directors take Intelect to court
to Texas have filed suit against the firm.
Peter G. Leighton, who together with Israel resident Jeremy T. G. Posner, resigned as directors of Intelect Communications Systems Ltd. last week, has now filed suit against the company in the Bermuda Supreme Court. Mr. Leighton also resigned as president.
Also filing suit against Intelect on Friday was well known marathon runner Rhianon Pedro, the company's corporate secretary. It was unclear yesterday if Ms Pedro was still with the firm.
The suits were filed the day after Intelect reported that the board of directors had resolved to relocate the corporate headquarters from Church Street, Hamilton to Richardson, Texas.
But Intelect chairman and CEO, Herman M. Frietsch, was quoted as saying, "We are now undertaking to identify candidates for board membership who would bring to the company experience and capabilities suited to our expanding activities providing technologies and products for telecommunications and networking.
"Over the past 18 months we have been concentrating on acquiring and consolidating our operations and bringing key products through development to market. During 1997 we are experiencing an accelerating build up of orders and revenues.
"Our primary focus is on expanding market coverage and penetration, disciplining operations for cost containment and production efficiency, and sustaining capital resources for continuing growth.'' Intelect is an international communications technology and products company that develops manufactures and markets multimedia transport and switching systems for telecommunications and networking applications. Intelect's other principal business units are Texas-based DNA Enterprises, New York-based Intelect Visual Communications Corp. and London-based Intelect Network Systems.
COURTS CTS