Richmond, British Columbia-based Coldwall Inc has agreed to a sea trial program with French shipping line CMA-CGM.
The testing program begins immediately and will include several sea trials of both various deep-frozen products and fresh fruits including bananas. The sea-trials will confirm to CMA-CGM the results of other Coldwall tests especially regarding en-route temperature uniformity within Coldwall’s M1-Rb reefer container compared with conventional reefer containers presently being used by CMA-CGM.
In other news, Coldwall has filed suit against one of its directors, Brent Nelson, on charges of fraud and breaches of his fiduciary duty. The company alleges that Nelson has:
•Failed to provide Coldwall auditors with corporate documents and other evidence necessary for the auditors to complete their review of the company’s books.
•Participated in, helped organize, or had prior intimate knowledge of a recent “fax-blast” campaign that attempted to artificially inflate the value of the company’s stock price.
•Attempted to artificially control or manipulate the market price of company stock, other than through the fax-blast.
•Improperly caused shares of the company to be issued without appropriate authorization and consideration to various individuals and entities, including himself.
•Failed to make full and proper disclosure to shareholders and his co-directors and the executive officers of Coldwall of a decision by the Washington State Court of Appeals, dated March 22, 2004, that found Nelson and others liable for securities fraud, breach of fiduciary duty, and negligent misrepresentation in his dealings with another company.