NEWS RELEASE FOR:
STRATEGEM CAPITAL CORPORATION.
VANCOUVER, BRITISH COLUMBIA –February 19, 2002 – Strategem Capital Corporation (the “Company” or “Strategem”) (CDNX: SCX) announced today that it has been served with a Writ Of Summons in a lawsuit filed in British Columbia Supreme Court by Altek Power Corporation (CDNX: APK). The lawsuit names both the Company and Kenneth W. Morgan, the Company’s Chief Executive Officer and a member of its Board of Directors, as defendants. In its Statement of Claim, Altek Power Corporation alleges that it, both directly and through its subsidiary Altek Independent Power Corporation, suffered and continues to suffer damages as a result of (i) the Company’s alleged failure or refusal to fund approximately $1,200,000 allegedly due under the terms of an October 19, 2001 Loan Agreement between Altek Power Corporation and the Company; and (ii) statements allegedly made by defendant Kenneth W. Morgan to Altek Power Corporation that were, allegedly, either negligently or intentionally misleading.
Altek Power Corporation has asked the Court to require the Company to advance $1,200,000 under the alleged Loan Agreement or, in the alternative, to require payment of damages.
The Company, together with its co-defendant Kenneth W. Morgan, intend to vigorously defend against the claims made by Altek Power Corporation.
About Strategem Capital
Strategem Capital Corporation is a publicly-traded merchant bank focused on the development of emerging technology companies with the potential for exceptional growth.
This release and prior releases are available on the Company’s Internet web site located at www.strategemcapital.com.
BY ORDER OF THE BOARD OF DIRECTORS
“Kenneth W. Morgan”
Kenneth W. Morgan, CA, CPA
President, CEO and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.