Photon Control Bolsters Company Procedures After Unauthorized Transaction
BURNABY, British Columbia, August 2, 2016 — Optical measurement technology developer Photon Control Inc. has announced changes to its board of directors and an agreement termination due to an unsanctioned and returned $4.5 million transaction.
Photon Control’s service agreement with DCD Management, a provider of financial, payroll and information technology services, has been terminated. DCD Management is controlled by David Dueck, director of Photon Control. In June, Photon Control disclosed of the unauthorized transfer of $4.5 million to a related company controlled by Dueck.
Ronan McGrath, with more than 45 years of public company experience, joins the company’s board to strengthen its leadership team and improve corporate governance. He brings experience from Canadian National Railways, Canada's largest railroad, where he served as chief information officer and controller. He was previously the chief information officer at Rogers Communications Inc., and president of Rogers Shared Services, Canada's national wireless carrier, where he focused on advanced communications technology platforms and acquisitions.
Photon Control has also announced the hiring of a forensic accounting firm to review and evaluate its transactions with related third-party companies to ensure proper protocol in control and disclosure practices. The company has also engaged an intellectual property auditor to review all of its property ownership and agreements, including its relationship with Photon Control R&D Ltd.
Photon Control develops a wide range of optical sensors and instruments to measure temperature, pressure, position and flow.