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BRIEF-Dealnet Capital Says Steven Small Continues To Seek Additional Compensation From Dealnet In Form Of Damages For Wrongful Dismissal

Published 2020-04-28, 12:04 p/m
Updated 2020-04-28, 12:06 p/m

April 28 (Reuters) - DealNet Capital Corp DLS.V :

* DEALNET CAPITAL CORP - STEVEN SMALL CONTINUES TO SEEK ADDITIONAL COMPENSATION FROM DEALNET IN FORM OF DAMAGES FOR WRONGFUL DISMISSAL EQUAL TO $16 MILLION

* DEALNET CAPITAL CORP - FOLLOWING SMALL'S DEPARTURE, BOARD AND NEW MANAGEMENT TEAM MOVED WITH URGENCY TO CUT OVERHEAD COSTS AT DEALNET

* DEALNET CAPITAL - STARTING IN Q4 2018, MANAGEMENT KEPT OVERHEAD COSTS AT ABOUT $3 MILLION PER QUARTER, LESS THAN HALF OF WHAT THEY WERE UNDER SMALL

* DEALNET - STEVEN SMALL HAS ADVISED CO THAT IF HE & HIS DISSIDENT DIRECTOR NOMINEES ARE ELECTED TO BOARD, HE INTENDS TO ENGAGE CO TO REACH SETTLEMENT

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