Corporate Announcements

Year 19 Day 152 – Kaplex Board Approves Oversight Agreement

LORONAR HEADQUARTERS, MONDRESS — The board of directors of Kaplex Transit & Logistics have accepted an indefinite oversight agreement with the Loronar Corporation. Kaplex, which borrowed heavily from the Loronar Corporation last year, has been unable to repay its debts in accordance with the agreed payment schedule. President Thrane Blis, Chief Executive Officer of the Loronar Corporation, dispatched Bjaco Acker, the Corporation’s Chief Strategy Officer, to meet with the Kaplex board to broker a way forward.

“We have negotiated a sensible and sustainable solution to the recent troubles that Kaplex have experienced,” said Vice President Acker at a press conference after the agreement was signed. “The Loronar Corporation pledges to restore Kaplex’s rightful place as a key player in the logistics market. The deal that we have reached today has been ratified by the corporate boards of the Loronar Corporation and Kaplex Transit & Logistics respectively.”

Former Kaplex chairman Ieggo Rohoy was dismissed by his board of directors when the agreement was signed. He was replaced by Herik Marakov, deputy president of Ison Holdings, who will act as Interim Chairman whilst the oversight agreement is in place.

Vice President Acker offered no comment when asked about his role in Mr Rohoy’s departure, saying only that it was a matter for the Kaplex board of directors.