DelphX Announces Director Resignation
Toronto, Ontario--(Newsfile Corp. - February 10, 2021) - DelphX Capital Markets Inc. (TSXV: DELX) ("DelphX" or the "Company") wishes to announce that effective immediately the resignation of Larry E. Fondren from the Board of Directors has been unanimously accepted, and his employment with DelphX and its subsidiaries has been terminated for cause. It has recently been discovered by the Board that, contrary to fiduciary duties to the Company, Mr. Fondren has been using the Company's property to advance his own personal interests.
Mr. Fondren has also been terminated from DelphX Services Corporation, the Company's registered broker dealer, and a replacement will be announced shortly.
The Company relies on its intellectual property and remains committed to protecting the interests of shareholders, and any violations will be prosecuted to the full extent of the law.
The Company remains optimistic for the future and looks forward to briefing shareholders on its advances in the near future.
DelphX is a technology and financial services company focused on optimizing credit markets. Its Cloud-based technology, actuarial science and reinsurance protocols enable fixed income dealers to offer new Rule 144A securities that optimally transfer and diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in:
Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security.
Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a single underlying security or optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events.
All CPOs and CRNs will be collateralized by investment grade assets held in custody by an independent custodian.
For more information about DelphX, please visit www.delphx.com.
DelphX Capital Markets Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74200