Exhibit 17.1
Xxxx Lagadin
X/x Xxxxx 0000, 000-0xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
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February 28, 2001
Xxxxxxx Capital Corp.
0000 X. Xxxxxx Xxxxxx
Xxxxxxxxx, XX X0X 0X0
Via Fax: 000 00 0000000 000
Attn: Xxxxx Xxxxxxx
Chairman of the Board
Dear Cliff:
This letter is to inform you that, effective immediately, I am resigning from
the Board of Directors of Xxxxxxx Capital Corp.
It is unfortunate that I am compelled to do this, however, I have been
considering taking this action for some time. I had prepared my resignation
for tendering at the November 17, 2001 Board meeting but held off doing so as I
was impressed with the credentials of Xx. Xxxxxxxx Xx Xxxx Retief. I saw Dr.
Retief as having the appropriate experience, credentials and mandate to provide
the long-needed CEO leadership to Xxxxxxx Capital Corp. However, the events of
the recent past which I believe should have involved the Board of Directors
have caused me to change my mind. My resignation is now being tendered as a
result of the more recent lack of involvement of the Board in material
fundamental matters which normally are handled by a board including the
December 19, 2000 appointment of a new officer in Xxxxxxx Capital (i.e.
Executive Vice President of Sales and Marketing), the approval of the
Showstar Capital transaction, the related press release from Showstar and the
lack of a press release from Xxxxxxx on this matter. These actions reflect a
lack of respect and/or understanding of governance issues related to public
companies.
It has become apparent to me that, in order for me to help create shareholder
value and protect Amerind Group minority shareholders, I must resign and become
a proactive shareholder. This I intend to do.
Cliff, it would be appreciated if you would inform the Board and management of
Xxxxxxx and RedCell of my resignation and, if you see fit provide them with a
copy of my resignation.
Yours truly
/S/
Xxxx Lagadin
Cc: Amerind Group
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Telephone (000) 000-0000 Fax (000) 000-0000
